IOTA/BTC is showing a falling wedge in the 4-h chart. Price just bounced on the 200-periods SMA (green line) and is now testing the resistance line. The MACD looks like it is curving up and the RSI shows a divergence (in spite of a lower low in the price, the RSI shows an higher low). This indicates a reversal of the current trend (which, in a small time frame, is bearish). If price manages to break past the resistance line of the wedge (in yellow) and closes above the point where the 50 and 100 periods moving averages are converging (about 0.00024 BTC), I believe price will shoot up again (my conservative target is at the 78.6% Fib. retracement of the previous run, at 0.00037 BTC, but price might revisit the previous high at 0.00045 if not go higher, I will not sell all my position). An entry point, if you want to buy the dip, could be if the price was to double bottom on the 23.6% Fib. retracement at 0.000169-0.000170 BTC, where also there would be support coming from the wedge and the 200 periods SMA. If you like entering trades when price breaks above a resistance, I'd say a good entry point is just above the 0.00024 level. I am not going to put stop-losses on this trade. I like IOTA in a fundamental way, and if price was to go lower, I'll just buy more of it once it hits previous support at 0.000083 BTC. This is not financial advice, this is just my opinion. Any comment is appreciated.
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The resistance line of the falling wedge has been broken. The price is also above the 50, 100 and 200 SMA. The MACD turned positive. Currently testing the 50% Fib. retracement.
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Broke past the 50% retracement, now testing the 61.8% retracement.
Great analysis. I took a position last night looking for pretty much the same as you’ve outlined here. We just broke the resistance in the last few hours and I’m liking what MACD is showing on the 4 hour. Looking forward to more posts!
ms270412
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seems to be a good advice but I'm not sure if all investors will pull out capital after the microsoft lie so that there'll come another dip at 38.2 fib, followed up by a free fall under 23.6 fib...