Here's an IOTA update for you. In my last two posts, I've been tracking IOTA's potential to be used as a bellwether for a potential upcoming alt season. In other altcoins, we're starting to see some strong buying action. HOWEVER, most (if not all) alts are still below previously broken major support levels. You can see this in VET (still below 100 sats
(below long term trendline
support against Bitcoin
), and TRX
(juuuust below its long term uptrend line). However, it's clear to me now that money is ENTERING the market. Why? The total market cap is going up considerably now, and altcoins are starting to move in tandem with Bitcoin
. If Bitcoin
decides to make another leg up, perhaps alts will briefly sell off again, but their USD values are starting to rise fairly quickly.
With all that in mind, I think it's fair to say that if IOTA gets back above its broken support level
(pink downtrend line) and holds above say...4500, we could finally be in for some massive upside. I guess we'll see what happens. I've been very wrong in assuming some altcoin bounces would come earlier, and as such I turned slightly bearish
on the market the last few days. Today things changed, as money seems to be flooding in from all angles.
Here is the setup:
BUY if pink trendline
is broken again (or above 4600 maybe, to be safe)
STOP LOSS: below 4000
Targets (green X's)
Let's see how this plays out. This is NOT financial advice. Just a potential setup I'm seeing. These sorts of trend-reclaiming long setups have tended to be pretty profitable in the past, since these are essentially massive bear traps.