BINANCE:IOTAUSD is our next coin of discussion. I'm a big fan of their work.
Not only am I a big fan of their work, but I'm also a big fan of their W and 1D charts. Most of my ideas will be with a long-term mindset.
Please remember that these are just my opinions. I'm always open to discussion on the ideas and what I'm talking about.
I'm slowly accumulating more and I'll be keeping that strategy. Just looking for good opportunities.
I think we're safe to buy until the ~$.80 b/c it'll face some resistance at $1.
I make this statement with two assumptions:
- that the resistance faced September of 2018, which is marked with the red arrow, will not be an issue for us, and
- The breakthrough of the 1 Fib level on the 1D chart will give us some challenges but we'll eventually overtake it.
If it can cleanly pass the $1 - $1.10, we're safe until around $1.35 - $1.40. It'll face some resistance at the 0.236 Fib level. Then we can just rinse and repeat those steps for each Fib (How to use the Trend-Based Fib Extension). I'll be updating the comments as this unfolds. It should be fun.
(4) 4.20 (nice)
We'll have to wait to see if $0.20 can hold. If not, we'll turn this into a selling game.
- The Trend-Based Fib Extension is used to guage potential support/resistance levels after we've gone through a correction of the previous trend. This is where the Price Points are taken from.
- Our 50-MA (blue) has had enough data to take its trend into consideration when making a purchase order. It's starting to smooth out its downtrend which could indicate a change of direction. We'll have to watch as this develops.
- If the 20-EMA (orange) can hold above the 50-MA for a bit, we'd be in a good spot.
- Waiting for this to move above the line could be the conservative play here.
- The sell seems to be getting smaller. Let's look for a spike one of these weeks to indicate some direction.
- I like using the Heikin Ashi candle to gauge trends.
There's a bunch of information here. But the most important thing is that we're thinking long-term. Well into and past next year. We'll update price points as this unfolds but for now, we're looking to lock in some profits between now and the ~$1.4 mark.