ruud_one
Long

IOTAUSD: Double Bottom support strong, looking for resistance

BITFINEX:IOTUSD   IOTA / U.S. Dollar
TL:DR - Double bottom shows strong support at $0.93, expecting range bound/sideways action for the next several months

This is the IOTAUSD chart with 1h candles. Here was my TLDR from last time: Like the rest of the market, Iota is looking to set up a bullish descending triangle / double bottom . It really is amazing how market psychology reinforces certain price levels. In the last week we have seen Iota retest the $0.93 low set up in early April and within two days bounce off this level. Clearly $0.93 is a strong support level for Iota.

Where does price go from here? We have bounced off of a strong support and seen a 25% increase over the last 5 days. Next we will run into the upper bound of the descending triangle set up somewhere around $1.40. My suspicion is we will break the resistance line in the next few days but will then struggle at previous levels, notably: $1.50, $1.55, and $1.94.

My overall outlook for the entire market is that the worst is over. We may go slightly lower but not by much. This is the time where those coins just in it for the lambos go bust while the coins that really want to change the world silently plug away at making something revolutionary. As such I would expect we see range bound action in the whole market with projects pumping randomly on news. Support for Iota will be $0.93 whereas resistance will be $1.55, $2.00, and $2.57. These are the levels I would consider trading a small portion of stack in hopes of earning more.

***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***

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