Since IOP has broken down from its ascending channel, it has steadily formed a descending wedge pattern.
It now rests on the 50 moving average (yellow). If this support breaks, a continuation to the previous low will occur. (about 27k satoshis)
From 27k we may see a bounce up, retesting to break up from the wedge. Or it may continue downward to the long term support trend line (green). From here we will see a major bullish move and break up from the wedge. This may start the 1000% + run of bulls)
First it needs to break down from 50 moving average (yellow).
Remember that at each significant point, we must first have confirmation for further up or down moves.
It now rests on the 50 moving average (yellow). If this support breaks, a continuation to the previous low will occur. (about 27k satoshis)
From 27k we may see a bounce up, retesting to break up from the wedge. Or it may continue downward to the long term support trend line (green). From here we will see a major bullish move and break up from the wedge. This may start the 1000% + run of bulls)
First it needs to break down from 50 moving average (yellow).
Remember that at each significant point, we must first have confirmation for further up or down moves.
Comment:
The CCI is moving into bear territory. A good sign that it may break down through the 50 moving average (yellow).
Comment:
Wedge was tested again , but no breakout. We are back hovering around the 50 sma, which still provides support. I will update again on the next significant move.
Comment:
Wedge tested again. Are we breaking out or going to target 27k sat?
Comment:
Broke out of wedge, but returned quickly. I am under the impression that IOP is manipulated a little. This broke out was likely a bull trap. I think we will go down a bit more.
Comment:
Again another pump on IOP. I think this may be price manipulation, heavy. Lets see, but I am not buying in now.
Comment:
Still shorting IOP. It needs to retrace to the buy zone.
False wedge breakout on many smaller alts from pumping groups. (my opinion)
False wedge breakout on many smaller alts from pumping groups. (my opinion)
Trade closed: target reached
Comment:
IOP is now exactly in our buying range. Its also resting on a very strong support. If this support breaks, we will be heading to around 20 000 SAT. I do not see this as likely, but the entire market is bear, so remember that the possibility is there. I am not buying in at this stage, although this is a very good buying range. Especially if you are willing to keep this coin for longer than 2 months.
Comment:
Broke support. Going to 20k, this will be excellent buy in.
Trade closed: target reached
Comment:
The second target was reached at our green line. This should be a very strong support. However, always wait for confirmation. When you think something cannot drop lower, it does! If 20k breaks, next stop is 17k. IOP is already at a ridiculous low price. In the mid term this should be a very strong gainer.