We had false signals in the last days. One bear trap, another bull trap. This led me to search for a reason. And possibly I´ve found it in two different trend channels - one going down (red) and one going up (green).
Everytime when IOTA seemd to leave the downgoing trend channel it stopped slightliy above the upper limit and turned back to trend channel.
On the lower side a support line stopped the negative trend (fib 61.8%, 3.83$).
IOTA stayed also in a second trend channel - green. And look at the lines of the two trend channels and the support line. They cross each other at nearly the same time (around the day 01-13).
Perhaps the course of IOTA leaves the negative trend channel before. But wait until at least one more 4h-candle. It could be another bull-trap!
Actually I do not recommend any action!
Indicators:
RSI: neutral
MACD: not much momentum and neutral (a little bit negative)
ADX: no momentum, no trend
Volume: low
Everytime when IOTA seemd to leave the downgoing trend channel it stopped slightliy above the upper limit and turned back to trend channel.
On the lower side a support line stopped the negative trend (fib 61.8%, 3.83$).
IOTA stayed also in a second trend channel - green. And look at the lines of the two trend channels and the support line. They cross each other at nearly the same time (around the day 01-13).
Perhaps the course of IOTA leaves the negative trend channel before. But wait until at least one more 4h-candle. It could be another bull-trap!
Actually I do not recommend any action!
Indicators:
RSI: neutral
MACD: not much momentum and neutral (a little bit negative)
ADX: no momentum, no trend
Volume: low
Comment:
IOTA sent some positive signals in the last hours. Perhaps we haven seen the end of the last downtrend.
IOTA has broken the shorter positive trend channel (green) AND the resistance line at 3.84$ (fib retracement 61.8%)
next support is lower limit of the negative trend channel (red) and / or the support-line at 2.60$ (fib retracement 38.2%)