RotiWokeman
Long

IOC-BTC Analysis within market correction

BITTREX:IOCBTC   I/OCoin / Bitcoin
**Edit** I revised this as I think this is not quite a cup and handle as previously mentioned. Exactly what it is, I'm not sure. I'll comment on it later.

I see a lot of vets discussing this one so I wanted to throw in my 2 cents.

I've drawn some blue lines to indicate where I think minor resistance areas are. The three of them hold about equal weight in importance so only strong bullish volume will send this back up. Due to the overall market correction I do not expect this cup and handle to play out in a clean way, as a lot of people have backed off and at the best you may see spikes in price as things cool down and whales begin to accumulate. For that reason you may set sell orders around these resistance levels in order to buy right back in once the price spike collapses again.



For clarity, first major resistances are:

0.00039155
0.00040877
0.00044505

---

Keep in mind that none of those areas match up with the global relevant fib levels



However, one that sticks out is right where we are now, the 23.6% level. Breaking that resistance would be difficult. I see a more bullish long-term situation of an edge-to-edge cloud break on the daily time frame. This fits perfectly over the 50% fib level. The global fib levels match almost perfectly with all of the key congestion (support/ resistance) zones as well, so that's something to watch for if you're hodling through the current market correction.



We now have multiple inside bars forming on the hourly and the RSI has recovered to neutral. Volume has declined significantly, so another big price move is coming. BTC will likely be the leader.

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