My last chart for IOTA hasn´t been very kind to the token. It showed a harmful correction to a level at 0.37$ - what is still possible - who knows the future?
In this chart I combined the chart patterns with the EW, even when some are telling me that EW is "rubbish".
First we see a long negative trend channel, beginning at ATH and ending at the last low. It has been broken two to three times on the lower limit but not one time on the upper limit. We can consider this channel as very strong.
Within this strong channel we can find a possible EW- correction. Yes, retrospective it is more easy to find this.
At 0.91$ the trend turned to be positive, with IOTA entering a new trend channel. Also this trend was quite stable till IOTA reached the last high at ~ 2.40$. I drew a new and motive 12345 EW in this channel.
After passing the high IOTA turned and became negative - comparable to the other altcoins and Bitcoin.
As I´ve shown the token shows quite stable trends, normally it stays within a forming trend channel.
So I´ve drawn a new negative trend channel and tried to find a possible EW-corrective wave within - this time not only retrospective but also projective.
Actually there are tow possibilities in my opinion.
scenario a)
IOTA breaks through the upper limit of the trend channel to leave it and to enter a positive trend. In this case we would have a ABC-correction - not a ABCDE one. And IOTA would rise to ~2,28$ and in the long run to prices above 3.71$
scenario b)
IOTA rebounds at the limit and falls back into the channel. In this case it would head to lower prices at about 1.45$ - if this support wouldn´t be strong enough the next supports are following (see orange lines).
RSI is in bearish zone but will it break the trend line to generate a positive sign?
MACD is also bearish but not far away from neutral, so it could change everytime.
In the long run I expect higher prices as shown with the black arrow unless we get no negative news from the market or the foundation.
In this chart I combined the chart patterns with the EW, even when some are telling me that EW is "rubbish".
First we see a long negative trend channel, beginning at ATH and ending at the last low. It has been broken two to three times on the lower limit but not one time on the upper limit. We can consider this channel as very strong.
Within this strong channel we can find a possible EW- correction. Yes, retrospective it is more easy to find this.
At 0.91$ the trend turned to be positive, with IOTA entering a new trend channel. Also this trend was quite stable till IOTA reached the last high at ~ 2.40$. I drew a new and motive 12345 EW in this channel.
After passing the high IOTA turned and became negative - comparable to the other altcoins and Bitcoin.
As I´ve shown the token shows quite stable trends, normally it stays within a forming trend channel.
So I´ve drawn a new negative trend channel and tried to find a possible EW-corrective wave within - this time not only retrospective but also projective.
Actually there are tow possibilities in my opinion.
scenario a)
IOTA breaks through the upper limit of the trend channel to leave it and to enter a positive trend. In this case we would have a ABC-correction - not a ABCDE one. And IOTA would rise to ~2,28$ and in the long run to prices above 3.71$
scenario b)
IOTA rebounds at the limit and falls back into the channel. In this case it would head to lower prices at about 1.45$ - if this support wouldn´t be strong enough the next supports are following (see orange lines).
RSI is in bearish zone but will it break the trend line to generate a positive sign?
MACD is also bearish but not far away from neutral, so it could change everytime.
In the long run I expect higher prices as shown with the black arrow unless we get no negative news from the market or the foundation.
Comment:
Comment:
Even the less scary chart has been disillusioning. IOTA didn´t take the direct way to higher prices. It fell as all coins fell to the bottom.
Perhaps we´ve seen the ground and IOTA will get higher. But first it has to break the upper limit of the trend channel to the top and then the fib retracement 23.6% at 1,60$.
RSI has already broken the falling trend line, MACD still in bearish zone but the trigger line signals more bullish movement.
Perhaps we´ve seen the ground and IOTA will get higher. But first it has to break the upper limit of the trend channel to the top and then the fib retracement 23.6% at 1,60$.
RSI has already broken the falling trend line, MACD still in bearish zone but the trigger line signals more bullish movement.