Iota has broken out of its long downtrend which started at the beginning of the year. This indicates the bulls have taken over in the short term but just like everything else in this market the mid-term picture is bearish and there it is a coin flip as to whether or not this will change.
Before I talk about what I see as a critical price point approaching let's talk about what scares me on this chart. IOTA has made a series of lower lows and lower highs indicated by the numbers 1-4. We've yet to see if a higher low in 2018 which is scary. At the right side of the chart you see a triangle pattern that we are nearing the end of. It would not be unreasonable for price to break downwards from this triangle, especially given the bearish MACD crossover we are seeing. As a long term HODLer of Iota I would hope to see a shallow downtrend forming a higher low or double bottom but it is entirely possible a new lower low could form. On the positive side we could break upward in price from this triangle.
If Iota acted in an isolated way from the rest of the crypto space then I would expect a bearish move, HOWEVER, Iota follows Bitcoin just like everything else. If Bitcoin can make a small move higher then I expect Iota to continue its bullish trend. If Bitcoin rockets to $10,500 and beyond, or, if it goes lower then I expect Iota to drop lower too as Bitcoin sucks all the air out of the cryptospace.
***This should not be taken as investing advice. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Before I talk about what I see as a critical price point approaching let's talk about what scares me on this chart. IOTA has made a series of lower lows and lower highs indicated by the numbers 1-4. We've yet to see if a higher low in 2018 which is scary. At the right side of the chart you see a triangle pattern that we are nearing the end of. It would not be unreasonable for price to break downwards from this triangle, especially given the bearish MACD crossover we are seeing. As a long term HODLer of Iota I would hope to see a shallow downtrend forming a higher low or double bottom but it is entirely possible a new lower low could form. On the positive side we could break upward in price from this triangle.
If Iota acted in an isolated way from the rest of the crypto space then I would expect a bearish move, HOWEVER, Iota follows Bitcoin just like everything else. If Bitcoin can make a small move higher then I expect Iota to continue its bullish trend. If Bitcoin rockets to $10,500 and beyond, or, if it goes lower then I expect Iota to drop lower too as Bitcoin sucks all the air out of the cryptospace.
***This should not be taken as investing advice. All investors should seek guidance from licensed financial advisers and not random people on the internet.***