๐จYou Holding Your IMX๐จ
Analysis of IMX Chart ๐๐ต๏ธโโ๏ธ
1. Current Price & Support Zone ๐
The price is currently moving above a crucial support zone around $1.8 - $1.855.
2. Resistance Level ๐ง
A significant resistance or mirror level exists around $2.5.
3.Formation of a Bearish Pattern ๐ป
A "squeeze" pattern appears to be forming above the support level.
This pattern is taking the shape of a bearish "head and shoulders" formation.
4. Pattern Height ๐
the height of the head and shoulders pattern is approximately $1.8.
5.Expected Downward Move ๐
If the pattern plays out, the expected move downwards should be equivalent to the pattern's height, potentially targeting $0. However, this is an extreme and unlikely scenario.
6. Bear Trap Possibility ๐ป๐ชค
There is a high chance this could be a bear trap. This means that despite the bearish pattern, the price might reverse and move upward instead.
7. Market-Wide Similarities ๐๐
Similar patterns are appearing across various altcoins, indicating a potential collective movement in the market.
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