Hello everyone, so there's a IOT analysis
IOT has just ascend 43% last 2 days, what made us afraid of a correction, but one thing that I'm learning from crypto market is that volatility is never enough, so if you think a stock like Apple ascending 43% in a year that's too much, but now on crypto this is ok, what makes me happier, is that 43% correction happens, but it wants to grow so IOT is forming and Head and Shoulders pattern, this means that the price it isn't enough and it still going up, the only problem is the resistance on $2.57 (purple line) cause there is 5 tops on that resistance what makes me think that the price will go until this resistance and bounce down for another little correction, for that happens the price needs to grown only 5% what it's nothing for crypto market, so my opinion is that now is the moment to do a long on IOT, remebering of set some stops on $2.2 levels (yellow line) where the price can bounce and go up again
ADX/DI - It's the only indicator that claims bearish, red line crosses with the red one indicating sell, but i dont think that it'll be enough for the price go down
RSI - On 58 points give some space to IOT still go up
MACD - Totally bullish with histogram going up and line crosses
So that's it my friend hope u make good usage of that analysis.
Rembenring that i'l be always posting some good entrys and exits for trades on crypto market so
like if u make this a good thing for you and follow me for stay noticed
Thank you and good trades
IOT has just ascend 43% last 2 days, what made us afraid of a correction, but one thing that I'm learning from crypto market is that volatility is never enough, so if you think a stock like Apple ascending 43% in a year that's too much, but now on crypto this is ok, what makes me happier, is that 43% correction happens, but it wants to grow so IOT is forming and Head and Shoulders pattern, this means that the price it isn't enough and it still going up, the only problem is the resistance on $2.57 (purple line) cause there is 5 tops on that resistance what makes me think that the price will go until this resistance and bounce down for another little correction, for that happens the price needs to grown only 5% what it's nothing for crypto market, so my opinion is that now is the moment to do a long on IOT, remebering of set some stops on $2.2 levels (yellow line) where the price can bounce and go up again
ADX/DI - It's the only indicator that claims bearish, red line crosses with the red one indicating sell, but i dont think that it'll be enough for the price go down
RSI - On 58 points give some space to IOT still go up
MACD - Totally bullish with histogram going up and line crosses
So that's it my friend hope u make good usage of that analysis.
Rembenring that i'l be always posting some good entrys and exits for trades on crypto market so
like if u make this a good thing for you and follow me for stay noticed
Thank you and good trades
Trade active:
We`re looking into the 1h chart now, the first post was 4h, my mistake, the HS pattern has formed on 1h chart, we`ve a little down after the pattern but i still bullish
We`re looking into the 1h chart now, the first post was 4h, my mistake, the HS pattern has formed on 1h chart, we`ve a little down after the pattern but i still bullish