In any bubble situation, fundamental value suddenly becomes exceedingly important. In all of Crypto, I only regard the following coins as having any real long-term value:
1. Bitcoin Cash
4. Bitcoin Core (Only #4 because of BCH/S2X Hardfork Risk)
IOTA has been on a long-term downswing from its peak of $1.10~. The downtrend line was sheepishly retested and failed at the beginning of October. We now have a pattern close to a symmetrical triangle with price action consolidating near the bottom of the triangle.
Generally speaking, this often indicates a greater breakdown amidst an already market and downtrend. However, when looking at OBV and DMI we can see that the bears have had the lead for quite a while. The lead has been weakening. Sell has decreased while DMI and shows against price action.
IOTA is one of the only coins that had and sustained Bitcoin-levels of momentum and . It also has some very major players involved in the project.
When accumulation is done, IOTA will be ready to go. Conveniently, breaking the long-term downtrend and the .236 Fib line up very closely.
If IOTA indeed does break down, next supports are at 0.36~ and 0.28~.
We are indeed in a collapsed bubble.
However, a certain level of mania is about to in a tremendous amount of new money and users to crypto.
Breakout active for now. Let's see what IOTA can do.
I'll likely be taking 50% at 55 and re-evaluating.