TL:DR - Like the rest of the market, Iota is looking to set up a bullish descending triangle/double bottom.
This is the IOTAUSD chart with 1h candles. On my last update there was a classic sell the news event where Iota finally announced details around Qubic and saw a drop from a high of $2 to a low of $1.74, about a 13% loss. This set off a multi-day bear market to where we are now, looking for support around $1.15-$1.20.
In the mid term picture charted above I see one of two set ups as most likely. What we see right now could be a higher low formation which may set Iota up for a higher high. Another possibility is further price decline to the extreme support of $0.93 where there is a high likelihood of a bullish reversal. Either way I see what is essentially a descending triangle which is generally a bullish signal, made even more significant by the long timeframe.
Like the rest of this market, a bearish break below support at $0.93 would likely be catastrophic. If this occurs I have no idea where a price floor would be, perhaps another 33%-50% lower. I don't expect this but it is a good idea to prepare for the worst.
***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.***
This is the IOTAUSD chart with 1h candles. On my last update there was a classic sell the news event where Iota finally announced details around Qubic and saw a drop from a high of $2 to a low of $1.74, about a 13% loss. This set off a multi-day bear market to where we are now, looking for support around $1.15-$1.20.
In the mid term picture charted above I see one of two set ups as most likely. What we see right now could be a higher low formation which may set Iota up for a higher high. Another possibility is further price decline to the extreme support of $0.93 where there is a high likelihood of a bullish reversal. Either way I see what is essentially a descending triangle which is generally a bullish signal, made even more significant by the long timeframe.
Like the rest of this market, a bearish break below support at $0.93 would likely be catastrophic. If this occurs I have no idea where a price floor would be, perhaps another 33%-50% lower. I don't expect this but it is a good idea to prepare for the worst.
***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.***