We got a LONG signal on IOTETH from SwingBot, but note this is a risky trade
Possible targets and stop loss are indicated on the chart
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Iota is a very reactive coin. Lazy periods and sudden volatility.
There are particular formation in the ETH and BTC pair that suggest me a buy.
Against Ethereum we are reaching an extremely reactive support. The minumum increase against ethereum was 35% in september 2017.
Against BTC we are entering the level that supported the incredible run of end 2017....
Iota looks very strong vs.USD (Left), and is at a big support level vs.ETH (Right). This is the weekly timeframe for both charts, and crypto can hold up this bullish momentum, then IOTA could start to look like a potential out-performer. Looking at it on the LOG scale, we can see a very nice descending channel structure, and flirting with a break out above the...
On the 4h Chart we see a Doji Star pattern which indicates a trend reversal.
MACD histogram is about to flip to the positive side and the MAs are going to cross.
RSI just rised from the oversold zone and continues going up.
DMI+ is going to cross DMI-
The strong volume at the Doji Star candle supports this trend reversal.
Additionally the Doji Star formed at...
Price is at 88.6 of a really big bat pattern. If you zoom in weekly S2 is right below price so you could get long with a stop under there. Target is January missed Central Pivot which is a very juicy target.
I have been somewhat bearish on IOTA for a few days, expecting a further crash. However, I have deep respect for my ability to be wrong.
Seeing IOTETH recovering and poking above the triangle apex here, good risk-reward. Close stop. Fast, dangerous, close stop. Happy New Year.
IOTA enjoys strong support and gained some vs ETH.
As a result IOTA found support on the previous descending resistance line of the symmetrical pattern.
If no major news breaks
then I expect a green or orange channel depending on ETH keeping its current price levels or ETH going up in dollar
Just trying to spot trading channels. Your ideas are welcome as I'm new...
People are very hopeful on IOTA, but it could struggle to break out here. Just too much bullishness in the community.
The hourly candles are showing a lot of selling at resistance. In TA it's always safer to wait for a confirmed breakout or a backtest.
Further, the ETHUSD chart looks great, like Eth is about to run again. This would put pressure on...