IOTA - Is there an Iota of a chance for another run?

Was asked to take a look at IOTA, Iota is a very clean graph and it appears to have retraced and forming the typical consolidation after a completed cycle. I like this graph and appreciate someone bringing it to my attention. I do not know much about IOTA and to avoid being influenced by anything but TA I did not research the company only looked at the graph. My buddy did tell me it is an Internet of Thing Token so after posting I will do some further research. I caution to say it is unclear what the next move for IOTA is as it is still early, and we would normally like to see more consolidation, However, the market is not on our time we are on it's. We have retraced to the wave 4 level and this is where we would expect to see consolidation prior to starting a new cycle. I have drawn a rectangular box which I call the Minervini box but this is not the correct name and I was corrected yesterday. I would normally wait for a clear break of both channels ideally with a retest (unless it is a strong break) where I would enter a position, but things move fast in Crypto so I may enter if it breaks the minervini box. Looking at the double top and the former wave formation I would put my money to the long side on this trade, and you could do so early but your stop would be at the below the minervini box. All in all this seems poised for another leg higher, if I had to choose I would be long. Charts are similar to hieroglphics and I read them as such. I see to many people depend on MACD's oscillators etc, which themselves are useful tools, but only tools to help understand what we are reading which is why so many get it wrong. The chart is speaking to us, we have the tools to decipher them, and we must listen to the chart and ignore the noise. (I'm speaking to the News and Whale chasers) I do not have any IOTA but may enter a position shortly to the long side. Again we are still early in consolidation and anything is possible so look for a signal. Good luck in the pits today!!!

Kommentar:

I would like to add in the current down channel the movement that formed the top of the channel is very interesting now that I look at my post. Like it wanted to break but scared money sold into this as would be expected. Not every chart is textbook but every pattern is the same.