Hello, dear members of LeoFinance!
Today I would like to outline the price chart of IOTA is probably going to skyrocket.
In the daily time frame (1D), IOTA/USD has formed an Inverted Head and Shoulders pattern:
As can be seen from the chart, a breakout took place recently, the price chart went easily through the Neckline. Therefore, it seems that this is the beginning of the trend reversal, since Inverted (inverse) Head And Shoulders:
... is a typical trend reversal pattern, according to Technical Analysis theory. It is one of the most used trend reversal signals among traders.
This is what Investopedia says about it:
KEY TAKEAWAYS
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends.
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
In my view, in case of a retest of the Neckline and a subsequent rebound, many traders will start to open long positions.
To be continued ...
As of the time of writing, one IOTA costs $0,8244 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14,5 years, and as a cryptocurrency analyst for the last 3,5 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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