✖️ #IMX is hinting at a decline
Let's consider the 1 day timeframe on the Immutable chart. A strong bearish 🐻 pattern could form here. But will it work out?
The price is moving above the support zone around the ~$1.8 and ~$1.855. Above is another important mirror level ~$2,5.
Something like a "squeeze" pattern is formed above the support level in the form of a bearish "head and shoulders" formation. This formation is approximately $1.8 in height, which is the main nuance. The thing is that it should work out by the same amount downwards. At the current market price, this would be an exit to ~$0.
Most likely, a bear trap is being drawn. In this case the picture is similar approximately on all altcoins 🧐
