IOT has broken above the 1D Channel Up that started the strong uptrend early in January.
Levels to watch:
- The price not only crossed above the Channel Up on the 1D chart but also broke the 0.618 Fibonacci retracement level.
- It is comfortably above both the MA50 and MA200 and in fact a Golden Cross may be due.
- The 0.3150 four month Resistance broke.
- The RSI on the highest values since December 2017.
Projection:
- This is a strong bullish signal with IOT potentially turning parabolic here. The targets are the next Fibonacci retracement levels: 0.786 = 0.4200 and 1.000 = 0.5580.
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Levels to watch:
- The price not only crossed above the Channel Up on the 1D chart but also broke the 0.618 Fibonacci retracement level.
- It is comfortably above both the MA50 and MA200 and in fact a Golden Cross may be due.
- The 0.3150 four month Resistance broke.
- The RSI on the highest values since December 2017.
Projection:
- This is a strong bullish signal with IOT potentially turning parabolic here. The targets are the next Fibonacci retracement levels: 0.786 = 0.4200 and 1.000 = 0.5580.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!