I'm now looking for the 4th wave to complete on HTF support, which will then lead us into a very violent and explosive 5th wave. Look at Oct 2017 > December 2017 as an example.
The times/dates of price forecast are only for illustration purposes.
I believe this will be the 'minimum' target to chase within this Bull Market Cycle.
I'm long. Average re-entry of 0.65c.
I'm now scalping long up to $2.25 - further price action will be observed in this topic.
Currently locked in medium term bullish pennant, price will most likely re-test both of the resistance/support levels number of times until breaking out.
Two scenarios presented in green and red.
If interested in my point of view, comment and follow the idea.
$IOTA #IOTA #MIOTA - Is at the last point of supply, before the inevitable happens, and new millionaires are made.
This is Wyckoff Theory. It's how large money moves a market to their will.
Don't fight large money, just ride their waves.
The next major wave from here is vertically up.
PS—preliminary support, where substantial buying begins to provide...
Like you're witnessing, we see a nice left right shoulders on daily basis with a blue shaved bar which means there is instutional buying pressure.
The next target would be 2.82$
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The study of Wyckoff Theory, along with market cycles, would suggest IOTA is being heavily accumulated within this range.
With a clear demand level of 0.20c and clear supply level of 0.40c. Anything sold above 40c is a win, and anything bought below 20c is a win.
Until we've breached the downwards channel resistance, and weekly range high resistance, we can...
💎Technical Analysis Summary💎
-IOTA is trading on a downtrend channel
-It is approaching the key support area at the 2100s sat
-If we see a reversal or channel breakout
-That's a good entry point with proper stop loss location
-The upside potential is up to 2900s sat or higher
-Strong bounce at major support area around 2500 sat
-This zone is a confluence of golden Fib level and 200D MA
-If the daily candle closes back above the trendline support
-There is a chance IOTA to test the 3100 sat potential new resistance
-Still very high risk, Bitcoin should stabilize for Altcoins to recover faster
-Please exercise proper...
-the is price back at the previous resistance zone
-and has the potential to flip new support
-it has also broken the downward trendline
-but there is a minor resistance at 2400s level
-I recommend buying only if we can break/close above 2400
-your target is the recent top at the 2700s or higher
-stop loss is placed under the 2300s
It's moving in the channel.
Now we're standing in the middle of the channel.
We're also standing at $0.20.
I'm gonna try the log to the upper edge of the channel.
Cancel long position: breakout of the zone 0.20$.
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Before to trade my ideas make your own analysis.
Thanks for your support!
Some speculative theory regarding the decaying nature of major altcoins, It can be seen that in the outer 1.618 fib ring in the ealy days of IOTA decay was present before lift off. Is this happening on a larger scale? Two pumps to .5 fibonacci retracement level support this theory that the next fib transition will produce a bullish outcome.
Looking to trend down along the Gann line of 2/1
Looks bearish on this small time frame but on a larger time frame this can be observed from both angles as very bullish
I was long once on IOTA, F
Can someone let me know if im doing this fibonacci thing right? I've been doing it for a little now