This is a very simple one, but IOTA seems to have found support around 50c. It has a slight increase in the volume, and a visible buy in every 50c touch. It might be the beginning of the reversal... but first we might see some sideways.
Comment
⋅
Log view
Comment
⋅
Zoom out view of the logarithmic chart
Comment
⋅
It's like the bull run when crypto was starting to turn down, extreme bulls were screaming moon, now when it might be starting another turn, extreme bears will keep screaming floor. Those bulls are the other side of the coin to the bears screaming floor now... but hey, both are the same coin.
Of course we still can go down, there is a lot of good TA's showing the possibility of the continuation of the downtrend. But please, don't believe in the SHORT to ZERO calls for IOTA.
As there is the downtrend possibility, what I show here is just another possibility, where I point some indications for a reversal. You have to weight the things that show trend continuation and the others showing trend reversal and decide what is more likely for you to happen.
It is still a Channel Down on 1W, so this support (along with the 1D Triangle) has more chances of breaking:
CZatt
⋅
@InvestingScope, I can't say you are wrong, because yes, we are in the channel and your TA makes a lot of sense.
I'm just showing a possibility to the other side here. Looking for some signs that can explain in the case it doesn't go down.
What I see is it starting to pop out the down channel of the logarithmic view, to a sideways move, and a good increase in the volume (it's not gigantic volume, but it's a lot more than the previous weeks.
Than why logarithmic you might ask. Well... IOTA is a coin that has just a few exchanges that pair with USD (or theter), and alot of them pairing with BTC. This way, when BTC fall or goes up, it causes a bigger oscillation to IOTA/USD, forming channels that are better seen, and respected in the log view.
InvestingScope
⋅
@CZatt, All opinions matter in order to form a spherical perspective. Thanks for your reply.
CZatt
⋅
It's really soon yet to be sure of anything, but the market seems to be calming down the bear run... it might be interesting to start accumulate a few cents.