DollarsAndSense
Education

IOTA/BTC Binance TA for beginners. Enjoy

BINANCE:IOTABTC   IOTA / Bitcoin
Hello Traders,

A follower has asked for a simple TA on this pair so I have kept this as simple as I can.

The two major features of the chart are the descending triangle on price. You can see with the Blue circles, we keep putting in the same or lower highs. The Yellow circles show us that we are putting in the same lows.

When we have lower highs, and the same Lows it suggests eventually we will run out of buyers at the level of the lows and price will break down. We are looking for a break down on this pair unless we see a Higher High (Price puts in a new high price, that is higher than a previous cycles High).

So price means our bias is short, or to sell.

MY other concern is Volume , a number of these pairs are seeing volume drop and eventually volume creates the demand to move price. When volume is down price can spike on small transactions making trading messy.

To Trade this I would want to see price Advance down through the support (Black Line), and then pull back up to the black line, I can then enter short or wait for bar to move down and sell the bottom of that.

I am trying to keep this simple to follow, if you have any questions please ask them and I will try and clarify them for you.

Always remember if you want to make dollars your decisions need to make sense. You need to take your time with this one, wait for a clear entry or keep your money.

Feel free to follow if this was helpful to assist your trading.
Comment: Still a long way to go before we can trade this one
Comment: WE have now seen a decisive bar break the bottom of our triangle, which is a possible sell area, its also okay to hang on and wait for the retest
DigitalData DigitalData
@mydollarsandsense See purple line
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I think you drew the bottom line wrong and also this was caused by BTC. Expect a big reversal on IOTA
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DigitalData DigitalData
You prematurely drew your bottom causing it to throw it off.
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doesnt low volume also mean a potential burst of volume. which would mean this is an ascending triangle (pennant) and will cause a breakout upwards?
+1 Reply
fehimsahan AndrewFalk
@AndrewFalk, Agree. I would mean the same. I think the potential buyer/trader is waiting for the right price. Fibo shows around 17000ish satoshi for the right price.
Low volume means it is waiting for buyers to pick it up and that means breakout
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