IOTUSD; Possible higher low --> Move above 2.10 implies 2.70
Market hit a floor just above 1.30 recently and fresh buying entered whereafter it is currently undergoing some profit taking around the 2.00 handle.
This is done on pretty low volume while the Bollinger Bands have turned neutral. The small bodied candles imply indecision and may imply that bull might return for another test toward the 2.03/2.10 resistance zone. This zone can be seen as the neckline of a (bit misplaced) inverted head and shoulders.
If such a test occurs, a higher low is set and a higher high is implied, i.e. a break above this neckline. A run at 2.70 should be seen on such action.
On the contrary, should value be created below 1.60 support, a drop to the lower Bollinger Band is implied (against 1.33). For now the first option seems the most likely.
This is done on pretty low volume while the Bollinger Bands have turned neutral. The small bodied candles imply indecision and may imply that bull might return for another test toward the 2.03/2.10 resistance zone. This zone can be seen as the neckline of a (bit misplaced) inverted head and shoulders.
If such a test occurs, a higher low is set and a higher high is implied, i.e. a break above this neckline. A run at 2.70 should be seen on such action.
On the contrary, should value be created below 1.60 support, a drop to the lower Bollinger Band is implied (against 1.33). For now the first option seems the most likely.
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