IoTeX / BitcoinLong
IOTXBTC | Descending Triangle | Apex | Trade Setup
Todays chart – IOTXBTC – testing resistance of the descending triangle formation as it nears the apex.
Points to consider:
- support and resistances converging (apex)
- Trend bearish (consecutive lower highs)
- Bullish Price action (testing resistance)
- Support confluence
- RSI above 50
- Low volume
IOTX has formed a mature descending triangle (typically considered a bearish formation) however price action is showing strength with multiple breakout attempts as it nears the apex.
Structural support and the 200 EMA being in confluence puts a strong emphasis on the level being a strong support zone.
RSI trading above 50 showing strength in the market supporting the bullish bias.
The volume is clearly declining, an indication that an influx is imminent coinciding with the probable breakout
Overall, in my opinion, IOTX needs to break and retest structural resistance with volume follow through for a valid long trade to structural resistance.
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!
Points to consider:
- support and resistances converging (apex)
- Trend bearish (consecutive lower highs)
- Bullish Price action (testing resistance)
- Support confluence
- RSI above 50
- Low volume
IOTX has formed a mature descending triangle (typically considered a bearish formation) however price action is showing strength with multiple breakout attempts as it nears the apex.
Structural support and the 200 EMA being in confluence puts a strong emphasis on the level being a strong support zone.
RSI trading above 50 showing strength in the market supporting the bullish bias.
The volume is clearly declining, an indication that an influx is imminent coinciding with the probable breakout
Overall, in my opinion, IOTX needs to break and retest structural resistance with volume follow through for a valid long trade to structural resistance.
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!
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