After retesting the fib 100% retracement IOTA cautiously seems to confirm a bottom at $1.
Obervations adding credence are:
- volume picking up at the full retrace retest
- IOTA acting as the seemingly only exception in all over cryptos BTCUSD price correlation
> uncoupling contrariwise since several days / missing out the March 16-17 down extension of all other crypto
- stair stepping long term downtrend resistances (green dashed light, green solid light)
Key resistances to keep your eye out:
- uncorrected "bubble" macro downtrend resistance (green solid bold) right ahead at $1.50
- 200 EMA at $1.60 (dark rose) - provided weak support = weaker resistance now
- 78% fib retracement at $2.10
- macro LOGARITHMIC channel switch in my related IOTUSD idea, resisting also at $1.50 see:
Obervations adding credence are:
- volume picking up at the full retrace retest
- IOTA acting as the seemingly only exception in all over cryptos BTCUSD price correlation
> uncoupling contrariwise since several days / missing out the March 16-17 down extension of all other crypto
- stair stepping long term downtrend resistances (green dashed light, green solid light)
Key resistances to keep your eye out:
- uncorrected "bubble" macro downtrend resistance (green solid bold) right ahead at $1.50
- 200 EMA at $1.60 (dark rose) - provided weak support = weaker resistance now
- 78% fib retracement at $2.10
- macro LOGARITHMIC channel switch in my related IOTUSD idea, resisting also at $1.50 see:
Trade active:
Touch AND cautious up-pierce of the long term trend (green solid). But that has happened also before. We want to see some closes above, which didn't either happen in the <4H scales.
Logarithmic channel resistance also confirmed with exact $1.50 (related idea).
So it's nice to have the 200 EMA above both, to see potential upcoming reactions on that. A non-fakeout into the next macro channel needs to close above that.
Logarithmic channel resistance also confirmed with exact $1.50 (related idea).
So it's nice to have the 200 EMA above both, to see potential upcoming reactions on that. A non-fakeout into the next macro channel needs to close above that.
Trade active:
IOTA not showing any sign of strength, though moving sideways out of longer term downtrend. Also log trend (related idea) keeps just range bound. Linear here staying even under or around 100% retracement. It is likely to see more all over crypto sell offs together with BTCUSD, where 5k plays significant role to watch alts(-potential uncoupling) behavior out for.
DON'T try to catch knifes! Real bounces implicate real bottoms and real volume accompanied
DON'T try to catch knifes! Real bounces implicate real bottoms and real volume accompanied
Trade closed manually:
The update is here:
