Lest be reali(OTA)stic here... simple long term investigation
First of all : trend is not our friend now - it's a bad a$$ which makes it all awkward. Out of all of fantastic projects out there IOTA is more unique than any other. Not a blockchain but tangle, no mining, no fees, no Satoshi Nakamoto -but yet it resides in top 10 cryptocurrencies in marketcap for number of months now. Many will approach me here proposing ice bucket challenge - but let me tell you something - this project have HUGE potential... in long term.
Currently on 1hr we can see falling wedge as sign of possible bullish movement to the upside for shorts - I would be careful here however with statements that we're going up due to serious resistance and other indicators which states otherwise.
On 4h we finished last 5'th part of Eliot wave at 3'rd of June and now we can see that head and shoulders pattern is forming confirming movement to the down side... In my opinion if market will not go sideways by 11'th of june we will be back at 1.35$ levels.
1D presents ONE MASSIVE descending triangle with HUGE resistance at 1$ levels and that's nothing short of one enormous bear sign.
And than there's 1W ... with history of BTC skyrocketing until fuel was lost in December, since we're just gliding down on one massive parachute of adoption in areas of stratosphere... and in my opinion - there is land (and horizon) not waiting for us not that far.
I've read article today somewhere that until now Bitcoin was dying at least 300 times... 299 times it always went back to where it was before. Just on this simple rule we can assume we will see same levels we reached previously in future - not because of logic, science, and unbelievable properties and advantages of cryptocurrencies but by greed, newbie traders and hype related to market cycles. If you're patient enough to wait - wait and stay positive, remembering excitement from the past when everything was going so well, so easily that even chasing stop loss was nearly impossible :D
Since it's IOTA's investigation just imagine, that developers are working hard on block-chain in order to decrease payment fees and improve speed of transactions - with IOTA it was sorted before tangle was created ! it's fee free algorithm which speed depends on amount of users - the more adopted the technology, the faster it is (in order to create transaction from your own device this device must first confirm 2 other transactions !).
Now let it sink in ... since all cryptosphere is more-less based on assumption - is this a good concept ?
I think it's ok to accumulate...
If you're a trader don't ignore our rules, levels, theories - remember of capital management and strategies which works best for you - in the meantime...
Let's trade...
Currently on 1hr we can see falling wedge as sign of possible bullish movement to the upside for shorts - I would be careful here however with statements that we're going up due to serious resistance and other indicators which states otherwise.
On 4h we finished last 5'th part of Eliot wave at 3'rd of June and now we can see that head and shoulders pattern is forming confirming movement to the down side... In my opinion if market will not go sideways by 11'th of june we will be back at 1.35$ levels.
1D presents ONE MASSIVE descending triangle with HUGE resistance at 1$ levels and that's nothing short of one enormous bear sign.
And than there's 1W ... with history of BTC skyrocketing until fuel was lost in December, since we're just gliding down on one massive parachute of adoption in areas of stratosphere... and in my opinion - there is land (and horizon) not waiting for us not that far.
I've read article today somewhere that until now Bitcoin was dying at least 300 times... 299 times it always went back to where it was before. Just on this simple rule we can assume we will see same levels we reached previously in future - not because of logic, science, and unbelievable properties and advantages of cryptocurrencies but by greed, newbie traders and hype related to market cycles. If you're patient enough to wait - wait and stay positive, remembering excitement from the past when everything was going so well, so easily that even chasing stop loss was nearly impossible :D
Since it's IOTA's investigation just imagine, that developers are working hard on block-chain in order to decrease payment fees and improve speed of transactions - with IOTA it was sorted before tangle was created ! it's fee free algorithm which speed depends on amount of users - the more adopted the technology, the faster it is (in order to create transaction from your own device this device must first confirm 2 other transactions !).
Now let it sink in ... since all cryptosphere is more-less based on assumption - is this a good concept ?
I think it's ok to accumulate...
If you're a trader don't ignore our rules, levels, theories - remember of capital management and strategies which works best for you - in the meantime...
Let's trade...
Trade active:
Falling wedge (RED) broke out to the upside as expected... we're heading now towards massive resistance (GREEN), which might stand a granite wall eliminating bulls from further action for a short period of time - we'll see.
Trade active:
And here we are - at support levels. Be careful guys - use stop loss. I'm not sure if this support will hold (it's still a bear market).
Trade active:
And again - back at support. Be careful here peeps - something BIG is about to happen - we're at key support zone, might go sideways for a while but for now we can see strong bearish signals allover the place. If resistance is broke and confirmed - we're going down from here - BIG TIME.