We saw a nice run by IOTA in the previous week. After hitting an ATH (AllTimeHigh) 1.1+ it is slowly following the Descending triangle. What does it mean?
A Descending triangle belongs to the bearish signs. It takes up to weeks to form that pattern. The height of the pattern is given by its previous top point and the horizontal line which makes the support. On our chart it works with Fibonacci levels perfectly. The exact height of the pattern just hits 0.236 retracement level. We can also see that the volume grows every time the price decline and not the opposite. The bearish mood in the crowd is growing on strenght.
Just imagine what could happend if BTC retrace 200 - 300 USD. Once quite resilient IOTA is ready to follow Newton's law: What goes up, must go down. Still a great tech. and having a clear road map. Will appreciate if HODLing. If you bought close to ATH I suggest to low your stake and wait what's gonna happend. It could be an opportunity how to lower down your entry price. I will use 50% of my high stake. Your feedback is greatly appreciated.
Good luck and peace!
Disclaimer: Due to its extremely high volatility Trading Cryptocurrency is very challenging. Potentially it can be a profitable opportunity for investors. However, before deciding to participate in the cryptocurrency market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly invest only money you can afford to lose.
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Waiting for the second sell out. Target 0.55
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Watch BTC closely. Under the load of Chine news there is possible retracement to the major support. Watch all markets carefully. Prepare yourself.
Nice call! 2nd target reached. What's next, more downward or are we bouncing back up?
AwesomeTrade
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@Aitoyko, Thank you fopr your feedback. I am actually fully loaded already due to the target reached, but deeper dive still possible. Buy on parts not all at once. Especially in a market like this.
Aitoyko
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@AwesomeTrade, thanks for the reply. I'm fully loaded as well, however at much higher price. Nothing to do now expect hold long term