IOTA IOTUSD Update Trying to base here - Buy points Within minutes of publication the little dynamic support line that had held upyesterday's rally was broken, flipping IOTA from positive back to negative on a dime. Stops for longs were running up under the parallel as price moved north. Well it was good whilst it lasted but once that little dynamic was lost we can see the damage done. That stop was at around 4598 when the parallel was finally lost, so by using this method of exit on longs the vast majority of the rally was locked in and no real damage has been done. We live to fight again from lower levels now... Iota is now trying to base out at 3037 by look of chart but is likely to have a problem at the tangled mass of resistance just above here, where fixed and dynamics meet...no way do we get long again here until that has been beaten through...it has to get back above the upper parallel, now around 3400 and survive any retst of that parallel from above once broken to trigger next long from here. Maybe we will get a better entry long from lower down still...need to watch this and look for potential double bottom/loss of downside momentum at 3037 for fist clue we have a low forming now...if it fails here we stand back looking to see if 2.865 offers support - if not it means 2.172 is the next level to look for a buying opprtunity.
So we are left with 4 potential entry points here: at 3400 ish on a break of the upper parallel with stops kept under the parallel by 50 points or more. Or at a potential yet-to-be-decided double bottom at 3037 And should this fail to hold from 2.865 or at lowest from 2.172 if we see it. That's a little complicated but covers the levels. The easiest will be the break above the upper parallel. It should attract quite a lot of buyers as well as shorts closing down/buying back too. watch it and follow when the signal is given on the chart. Use stops though. Yesterday should have taught you that by now. Lesson learned.
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Really nice break here now...big green candles ...good signs...so far ! run a stop under the little dynamic underpinning this embryonic impulse wave, shown on chart...remember what happened yesterday if you didn't and let's see it run
Yeah lost quiet a bit of money yesterday ;-)... agreed with your view ... most on TV are seeing the same support and buy zone 2.86 -3.30
dopiret
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@sumastardon looks like it's gonna decrease til at least 2.70. But even if it could constitute a good buying opportunity, do you think we can expect a sharp rise (such as two days back now) again?
JPTradeCrypto
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Looks like it found support at 3.30 level. I just spotted a shooting doji star on the 15 min as well. ;) The hourly also supports further upward movement. The big buying volume comming in when it bounced from the 3 dollar range was already a pretty good indicator for a potential reversal in trend.
dopiret
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@Jaydevis, looks like you were right back then. You had convinced me to be back on Iota, thing that I does not regret today. What is next? I expect today's trend to be bullish. What's your opinion?
Reckdriver
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Great information. Do you think the first dip might have been a false bottom? Or are we mooning from here after resistance at 3.7-3.9?