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
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
@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!