IOTA gaining some traction, Log scale looking very bullish
I covered IOTA before. I like the coin and the project behind it. I think it has long term potential, but this is my opinion and not investment advice. I normally use Linear scale chart on my trading, but this time I will use Log scale as its more appropriate on very wide range. I normally don’t cover long term trades, but this one is just looking to perfect.
Log scale basically change the vertical axis from a standard linear scale to a logarithmic scale. Logarithmic scales use intervals that correspond to orders of magnitude rather than intervals that are equidistant from each other. Using logarithmic values instead of actual values can reduce the wide range of data into a more manageable size
IOTA had a massive drop like the whole market, but right not it looks like its forming a bottom. I market descending channel on 1D chart. Coin retraced 80% from top. Supports at $1.20 and $1 are currently playing crucial roles and longer trendline marked in blue. If that holds, we could see trend reversal very soon. I don't like the volume yet, but this is present on the whole market right now. MACD is picking up nicely, RSI is placed just above 40 level. I entered on the resistance and I'm keeping stop loss close if the market turns belly up again. If IOTA manages to break above descending trendline, it could move a lot higher – check what happened last year in NOV – same pattern.
Log scale basically change the vertical axis from a standard linear scale to a logarithmic scale. Logarithmic scales use intervals that correspond to orders of magnitude rather than intervals that are equidistant from each other. Using logarithmic values instead of actual values can reduce the wide range of data into a more manageable size
IOTA had a massive drop like the whole market, but right not it looks like its forming a bottom. I market descending channel on 1D chart. Coin retraced 80% from top. Supports at $1.20 and $1 are currently playing crucial roles and longer trendline marked in blue. If that holds, we could see trend reversal very soon. I don't like the volume yet, but this is present on the whole market right now. MACD is picking up nicely, RSI is placed just above 40 level. I entered on the resistance and I'm keeping stop loss close if the market turns belly up again. If IOTA manages to break above descending trendline, it could move a lot higher – check what happened last year in NOV – same pattern.
Comment:
IOTA double tested $1 mark. We need a clear sign of reversal in order to get bullish again. The whole market is bleeding and IOTA is not immune to that. $0.8 and $0.5 next supports.
Trade active:
IOTA with nice rebound from support, heading over resistance at $1.20. Next target $1.5.
Trade active:
Target was achived, but I'm still bullish on IOTA.