IOTA Death Cross formation - Prepare for price drop

IOTA had a Death Cross formation on the daily chart . Death Cross is an important bearish signal generated when the 50-day moving average crosses below the 200-day moving average.
Stoch RSI is over-bought on the daily chart which also confirms the possible bear run.

I expect the price to drop till 1.2148 (fib. 0.618)

Here is my trading idea:

Short at: 1.31
Take profit at: 1.21
Stop loss: 1.45
Mar 29
Trade closed: target reached
Ahhh. Thank you for the explanation. :)
Hocam target reached ama thanks to bitcoin yani. Biraz sikintiliydi aksi halde :)
death cross going to reversal... upside we go !
+1 Reply
I'm not sure if there is enough history in the chart that the ma200 can be considered. Have a look at the chart in log scale. Draw the trendlines. And see what happened when the candles were just below the ma50 back in November 2017. It exploded 15x within 4 weeks. And now in April they are going to announce project "X". They say it is their biggest milestone ever and the price will literally explode because of total fomo. It is going to be a game changer. Google for IOTA project x and you are going to read sick stuff. I'm invested and expect the explosion starting at the end of March/early April. Goog luck and thanks for sharing your opinion. Cheers
+3 Reply
PieterPips MichaelShutterbug
@MichaelShutterbug, Project "Q"
@PieterPips, LOL!!! I was still in Marvel mode. Project X - The Wolverine:-) Of course project "Q". So huge it could even kill The Wolverine:-)
Both previous comments are appreciated, and hey lower prices are also appreciated for those of us who just want to buy n hold long term, sry i hate the hodl term lol Dont trade it OWN IT!
@BitBiBit, IOTA is one of the rare projects where "dumb" buying at this low price and hodling probably beats trading by far. Time in the market beats timing the market.
BitBiBit Prometheus777
@Prometheus777, exactly why it's not "dumb" buying I've done my due diligence and plan on holding long term until the crypto market goes boom or bust. It's more of a speculative risk reward case at the moment. Not like there are quarterly public reports, or GAAP to dive into these assets, which is y I'm still 75% in stocks n options at this point. But thank you non the less!
Be careful with death cross in volatile crypto. It is lagging very strong behind as indicator.
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