IOTA looks ready for a nice move.
Price has already made a nice 43% move at the end of August.
Now price is consolidating at the Fib 61% retracement level - with price now making a higher high - and looks like is being accumulated in anticipation of another move.
The trendline has already been broken so a move could happen any time. The biggest risk to this trade is that Bitcoin is looking weak and could go either way, which will have the knock on effect of causing alts to sell off. Either way, IOTA is a good long term play and worth accumulating some at this level.
Weekly Chart
Price has already made a nice 43% move at the end of August.
Now price is consolidating at the Fib 61% retracement level - with price now making a higher high - and looks like is being accumulated in anticipation of another move.
The trendline has already been broken so a move could happen any time. The biggest risk to this trade is that Bitcoin is looking weak and could go either way, which will have the knock on effect of causing alts to sell off. Either way, IOTA is a good long term play and worth accumulating some at this level.
Weekly Chart
Comment:
With crypto granddaddy Bitcoin looking so weak at the moment, it's hard to recommend reliable long moves. After all, the trend is your friend, right?
With 12 days until the SEC ETF decision deadline, Bitcoin is flat pending that outcome. My opinion (and it is just an opinion) is that the ETF will not be approved right now (reason: Bitcoin is too easily manipulated at the moment). This news will likely cause price to drop further.
There's are two ways we can make money in these markets without margin trading.
Day trading: Snatch quick profits by buying at key levels where there will be interest, such as all time lows which usually cause a 10-20% bounce. Buy in quick and take profits off the table quickly.
Accumulate: Good quality Alts are still looking very attractive at these levels. Yes we can probably buy lower, but trying to time the bottom is very difficult, so better to average in as price drops and accumulate.
With 12 days until the SEC ETF decision deadline, Bitcoin is flat pending that outcome. My opinion (and it is just an opinion) is that the ETF will not be approved right now (reason: Bitcoin is too easily manipulated at the moment). This news will likely cause price to drop further.
There's are two ways we can make money in these markets without margin trading.
Day trading: Snatch quick profits by buying at key levels where there will be interest, such as all time lows which usually cause a 10-20% bounce. Buy in quick and take profits off the table quickly.
Accumulate: Good quality Alts are still looking very attractive at these levels. Yes we can probably buy lower, but trying to time the bottom is very difficult, so better to average in as price drops and accumulate.
Trade closed manually:
Price dropped considerably and it looks like we now have a false break of the trendline.
Looking at the 1hr chart, you can see that momentum became weak and then fell off a cliff, losing most of the gains we made. Price has reatraced a bit higher, but looks ready to drop again, so I'm closing this trade and look for further opportunities in future.
Looking at the 1hr chart, you can see that momentum became weak and then fell off a cliff, losing most of the gains we made. Price has reatraced a bit higher, but looks ready to drop again, so I'm closing this trade and look for further opportunities in future.
My concern about Bitcoin's weakness bore out and price took a dive. However the downwards trendline and fib 61.8% levels are holding as support for now. Again, if BTC takes another dumps, we're bound to see IOTA reach lower levels.
Continue to accumulate small amounts. Long term holders are certain to get good returns from these levels in 6 to 12 months.