IOTA showed an explosion after crossing the 100MA on the daily chart . So when is it a good time to get in? I would stay away from it now. There's divergence being shown between the candles and RSI . Additional confirmation from the red bearish candle. It seems like the bears are pushing down hard for a small correction. Look for support on the 1hr 55MA or 100MA.
Overall, I expect IOTA to continue it's skyrocket for the next day or two. It's difficult since the weekends are historically not good for the market and we see rallies on Mondays. Keep an eye out. This is something that's going to need monitoring.
Overall, I expect IOTA to continue it's skyrocket for the next day or two. It's difficult since the weekends are historically not good for the market and we see rallies on Mondays. Keep an eye out. This is something that's going to need monitoring.
Trade active:
So... let's go into Elliot Wave analysis. Based on wave 1, wave 3 extended to the 1.618 Fib level which means we've got some sound team trading. We're seeing the sideways Wave 4 retracement. I'm expecting a bounce off around the 0.0001875 range which uses the 1d 100MA as support. Set stop losses to account for bear traps.
After, let's expect the final wave 5. Remember, there's an 80% chance to get to the pitchfork center line.
After, let's expect the final wave 5. Remember, there's an 80% chance to get to the pitchfork center line.
Trade active:
Potential Bull Flag? Hope so. Watching the channel formation to tell whether additional correction will play out.
Trade active:
We broke out of the bull flag towards the upside. Center line pitchfork target hit. :) I still think this has some legs.
Trade closed: target reached:
IOTA did great and exceeded the center pitchfork line. The RSI levels are overbought and showing slight divergence. We've gone parabolic and it's time for a significant correction.