VictorCobra
Long

All Alts Need Is Just A Liiiiiitle Push (IOTA)

BINANCE:IOTABTC   MIOTA / Bitcoin
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 ), ADA (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.

-Victor Cobra
Comment: Update:
Comment: Oops, didn’t mean to post that as an update. THIS current post is the update.
Comment: There it is! I think it's ALMOST safe to say that alt season is beginning.

Related Ideas

BITFINEX:IOTBTC and other IOTA/BTC except for Binance pair is giving a different narrative. For example, synthetic pair IOTUSD/BTCUSD and IOT/BTC managed to have the daily candle close just right above the all time low forming a hammer.
+1 Reply
@Ernest_Ar, Interesting! Thanks for the info!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out