Abdero

IOTA/BTC: Bears clawing it?

BINANCE:IOTABTC   MIOTA / Bitcoin
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Hello ladies and gentlemen! This will be my first published idea and like most of you I'm just the regular Joe who really knows nothing about charts, trading, FAs or TAs. But since I've been enjoying myself trying to learn and check some ideas on TradingView...decided to share my own crappy charts.

Here we have Iota/Btc on 4h charts and the bears have the upper hand for quite some time. It produced a Death Cross (marked as red) awhile ago and been on the down hill.

Everytime it tried to break above the 200 EMA (in purple) it has failed and broke bellow the 50 EMA (in yellow) which now serves as primary resistance.

It appears to be creating and Head & Shoulders pattern which combined with a bearish cross on the MACD .
The MACD itself is displaying an Head & Shoulders pattern. All combined I believe the Bears have an hand on it and price should drop down in the near future.

On the down side we have the 61.8% Fib that could serve as the first support around 17000-18000 sat. But the H&S could take it lowers than that, measuring the lengh of the Head.

Taking into account the increase in Bitcoin's price this scenario seems most likely unless Bulls return to Iota/USD and make a harder run than Btc one.

Best Regards,

Legal Disclaimer: This information is not financial advice nor a recommendation to buy or sell. It's only meant for use as informative, entertainment and educational purposes.
Comment: Don't say some strange random guy with strange name on internet didn't warn you.

Is it still over? Nothing sugests that.

Now back to work, have fun!
Trade closed: target reached: The bottom seems to be in, FOR NOW!

Bitcoin has it a resistance level, thus alt coin pairs should have a little recovery even tho Iota/USD is not really putting any high.
MACD is finally curling up.

Proceed with caution and have a nice week. Closing.
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