IOTUSD Analysis 5-2-2018 — IOTA Breaking Out Past Local Resistance Zone
Hi all!
After consolidating between 4-24 to 5-1, IOTA is taking off again.
We're currently riding in the upper channel of the Bollinger Bands and broke the local resistance that was established around $2.20.
Notes:
- Daily RSI is bullish
- I've outlined some price levels that IOTA has reacted to in the past on multiple occasions — $1.50, $2.00, $2.10, and $2.20.
---> IOTA has broken past these levels
Conclusion:
Personally, I'm in this coin for the long term.
BUT — the next levels we should monitor are $2.60, $3.10, and ATH's (levels IOTA has reacted to in the past). If you're looking for short term profits, aim to peel off portions of your position at these levels of resistance and buy back some at lower levels.
Happy trading (y)
Hi all!
After consolidating between 4-24 to 5-1, IOTA is taking off again.
We're currently riding in the upper channel of the Bollinger Bands and broke the local resistance that was established around $2.20.
Notes:
- Daily RSI is bullish
- I've outlined some price levels that IOTA has reacted to in the past on multiple occasions — $1.50, $2.00, $2.10, and $2.20.
---> IOTA has broken past these levels
Conclusion:
Personally, I'm in this coin for the long term.
BUT — the next levels we should monitor are $2.60, $3.10, and ATH's (levels IOTA has reacted to in the past). If you're looking for short term profits, aim to peel off portions of your position at these levels of resistance and buy back some at lower levels.
Happy trading (y)
Note
Sheesh, that was quick!!! Look at that breakout!Note
Buy the pullback to the MA on strong breakouts. If MA of the bands fail, monitor the levels of previous action at $2.20, $2.10, $2.00 to add.
Note
Multiple closes outside the cloud, think we're more likely to see a retest of $2.50 than a drop lower.
Note
$$$$
Yes, fundamental news came out. BUT the technicals were primed to respond well to them, and we were prepared for it.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.