We watch IOTA closely for the last few days. After 48 hours being stagnant just a tad over 1 USD border there is price decline right now.
First we need to consider the situation here. We are moving through the channel since the beggining of the rise. As we can see 3 parallel floors were created. Slowing down means we stay somewhere in the middle floor. Testing the lowest trend line is possible if no new buyers will come in. In that case bagholders will start to push the price down trying to lock themselfs in a 4 - 6 X profit. There is a future possibility of a Head And Shoulders pattern. For now working with Fibbonacci levels. On our 4 hours chart we should pay attention to RSI levels - for now falling down after being in an oversold area for quite some time (meaning less demand).
Untill the channel is broken down and we go sideways we can expect further evaluation of the tangle technology.
Buying in now big loads is not a smart investment. More a high risk bet. If trading apply your risk management rules and use your 'tunnel vision':)
Good luck and peace!
Disclaimer:
Due to its extremely high volatility Trading Cryptocurrency is very challenging. Potentially it can be a profitable opportunity for investors. However, before deciding to participate in the cryptocurrency market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly invest only money you can afford to lose.
First we need to consider the situation here. We are moving through the channel since the beggining of the rise. As we can see 3 parallel floors were created. Slowing down means we stay somewhere in the middle floor. Testing the lowest trend line is possible if no new buyers will come in. In that case bagholders will start to push the price down trying to lock themselfs in a 4 - 6 X profit. There is a future possibility of a Head And Shoulders pattern. For now working with Fibbonacci levels. On our 4 hours chart we should pay attention to RSI levels - for now falling down after being in an oversold area for quite some time (meaning less demand).
Untill the channel is broken down and we go sideways we can expect further evaluation of the tangle technology.
Buying in now big loads is not a smart investment. More a high risk bet. If trading apply your risk management rules and use your 'tunnel vision':)
Good luck and peace!
Disclaimer:
Due to its extremely high volatility Trading Cryptocurrency is very challenging. Potentially it can be a profitable opportunity for investors. However, before deciding to participate in the cryptocurrency market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly invest only money you can afford to lose.
Comment:
IOTA broke out of the channel and going sideways now. Watch closely 0.77 Support Line as you can see on the chart. If this line holds it is a bullish sign.
Comment:
Comment:
Going sideways as expected. We could see one more test of 0,7 area before breaking up.