IOTA is in A Bear Flag Like The Rest! (IOT)

Hi friends! Welcome to this update analysis on Iota! Let's jump right in. Looking at the four hour chart, you can see that IOT             fell all the way down to the 78.6% retrace, nearly touching the bottom of the downtrend channel . The buyers were quick to jump in (as you can see by the large green volume bar) but the subsequent recovery appears to be a bearish consolidation, like many of the other coins that I cover. Volume has quickly diminished, but the MACD continues to surge higher. So we've got falling volume , a rising MACD , a bear flag consolidation, and overhead resistance. As I conduct my analysis, I know that many people will say "that's not a bear flag , it's this and it's that, and you suck at charting and blah blah blah." So I look around the room, and I say "who's teaching this class? You or me?" LOL In all seriousness, what we're doing here, is simply identifying a bearish pattern . We're looking at it. We know that it's there and we're going to continue to watch it. That's what trading is all about. Sure the bear flag could break to the upside. Then all of the TradingView goons will climb to the mountain tops with their bullhorns, to shout how wrong I am. That's not what technical analysis is. I see a pattern. I watch it, and I wait to see what it does. If the bear flag breaks to the upside, my views may change. Typically, however, bear flag patterns, that rise into resistance, on falling volume , during a bear market, in a downtrend channel , usually produce a continuation to the downside. Can you fault me for pointing that out? Peace.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

Dear @MagicPoopCannon, I really appreciate your views, explanations and charts. Please keep on the good work! :) Could you please update us on this one? It's moving a lot. Thanks in advance

After reviewing your last comments on Crypto's which I really appreciate I am really confused about how IOTA is "delayed" following the market patterns like LTC and BTC. I would appreciate your views for my technical understanding. Thanks at all
Hi sensei, would love to get an update on this - especially the IOTBTC chart looks very interesting right now but I'm not an expert, better let the professor do the teaching. Keep poopin' brother!
+1 Reply
when will the reversal? Is this happening now?
Update? Seems everything is in downtrend, what will happen on 16 february after china new year?
I'm just learning how to analyze charts...learning about MAs today. And know of the fib retracement (though I'm still not sure which peak candle to draw from). Anyway, could you offer advice on drawing channels and the rationale for choosing where to begin them? Thanks!

And I've been learning much from looking through these charts of yours. So double thanks.
Noone needs a chart to say that, you can just check and note the current value of a coin daily and it is obvious that it is bearish. Lol thanks for letting us know it is bearish.
Giorgioversace PRO IlhanBurakOzhan
Yes, recording a stock price daily and seeing its going lower and lower is what every skilled trader does to analyse if they should trade the stock or not.
Come on man, he is educating by writing all the fibos, the SMA, volumes, trends, patterns, and you are ignorant enough to bash him? what's wrong in this world lol.
He is even giving you the target where the price could bounce to the upside so you can make a good profit.
Why to bash i don't get it.
+5 Reply
Giorgioversace PRO Giorgioversace
Maybe you did not actually get it, i'm stupid. He is not saying the market is bearish, he is nice to give educationnal to show by a + b + c that all the "ingredients" are here to see the market fall furthermore.
I don't even know why i feel like explaining you actually.
Keep on bashing him and do your trades lol.
Take care of your wallet!
+1 Reply
Hi Magic.. I have sent you a PM, appreciate your views. Thanks and regards
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