The mid-term trend line from early November 2017 has caught up & after a fake out of the descending triangle it has been trading within a range.
There're two possible scenarios:
1. If it can break out of the range with strong RSI, it can possibly go to the 1.618 extension ($8). 2. If it breaks down the mid-term trend line, it's not going to perform well for some time.
Still no breakout. Trend line catching up. It may just go up from there (2/3). To come down (1/3) we need bitcoin to crash.
Kommentar
⋅
Appears to be a breakout. We need bitcoin to be stable for a while. Once above ath, iota can go to $8.
Kommentar
⋅
Resistance at 4.5. Probably called this one too early. It's already overbought on the 1h time frame and under. It'll go under somewhat & observe how bitcoin acts. Iota is just a bitcoin margin machine: it goes up 3x bitcoin and down 2x, something like that.
Kommentar
⋅
wow, that was a close call. I got in & out quickly when it turned south.
I noticed that bitifnex coins don't perform like others. I think it's due to their cheap margin.
Kommentar
⋅
still in that tiny triangle. depending on how bitcoin goes. but I happen to think today bitcoin may drop a little (reached the top of the current range).
maybe another fake out.
Kommentar
⋅
This is really disappointing. I got in when bitcoin started pumping & the trend line was hit but iota started dumping at the same time. I think this analysis was possibly wrong. Maybe it's not going above 4.5 without some big news.
IOTA breakouts are completely news driven. It was a good news but nothing revolutionary to set it to ATH range. You can earn more following their twitter account than doing TA.
DrJLT
⋅
@Seganku, Is this itic news big enough for breakout?
Seganku
⋅
@DrJLT, I believe revealing "Q" or listing on other major exchange could only push IOTA out of this stagnation. Most of the times IOTA just copy BTC moves.
DrJLT
⋅
@Seganku, yes, I agree it just follows btc. so you think currently it's not going to break out even though the trend line has caught up?
I think maybe the pump earlier was because people thinking the trend line will work. maybe there'll be another try. but I'm in doubt.
StefXan
⋅
It's testing the resistance at 4.16 IMO.
DrJLT
⋅
@StefXan, basically it was another fake out. I still think it may break out, b/c the long-term trend line is here. But probably $8 is as high it could go. Market cap already high enough for iota. $8 will give it no5 circa.
StefXan
⋅
@DrJLT, I agree. $8 will be difficult to acomplish when we look at marketcap.