Crypto is currently in a collapsing bubble situation, regardless of Bitcoin's apparent strength. This is most evident by the state of alts, which simply have not had the luft or momentum they had in July and August. Much of the money that has gone into Bitcoin has come from alts. That is just reality.
In any bubble situation, fundamental value suddenly becomes exceedingly important. In all of Crypto, I only regard the following coins as having any real long-term value:
1. Bitcoin Cash
2. IOTA
3. Ether
4. Bitcoin Core (Only #4 because of BCH/S2X Hardfork Risk)
IOTA has been on a long-term downswing from its peak of $1.10~. The downtrend line was sheepishly retested and failed at the beginning of October. We now have a pattern close to a symmetrical triangle with price action consolidating near the bottom of the triangle.
Generally speaking, this often indicates a greater breakdown amidst an already bearish market and downtrend. However, when looking at OBV and DMI we can see that the bears have had the lead for quite a while. The lead has been weakening. Sell volume has decreased while DMI and ADX shows bullish divergence against price action.
IOTA is one of the only coins that had and sustained Bitcoin-levels of momentum and volatility. It also has some very major players involved in the project.
When accumulation is done, IOTA will be ready to go. Conveniently, breaking the long-term downtrend and the .236 Fib line up very closely.
If IOTA indeed does break down, next supports are at 0.36~ and 0.28~.
We are indeed in a collapsed bubble.
However, a certain level of mania is about to vortex in a tremendous amount of new money and users to crypto.
In any bubble situation, fundamental value suddenly becomes exceedingly important. In all of Crypto, I only regard the following coins as having any real long-term value:
1. Bitcoin Cash
2. IOTA
3. Ether
4. Bitcoin Core (Only #4 because of BCH/S2X Hardfork Risk)
IOTA has been on a long-term downswing from its peak of $1.10~. The downtrend line was sheepishly retested and failed at the beginning of October. We now have a pattern close to a symmetrical triangle with price action consolidating near the bottom of the triangle.
Generally speaking, this often indicates a greater breakdown amidst an already bearish market and downtrend. However, when looking at OBV and DMI we can see that the bears have had the lead for quite a while. The lead has been weakening. Sell volume has decreased while DMI and ADX shows bullish divergence against price action.
IOTA is one of the only coins that had and sustained Bitcoin-levels of momentum and volatility. It also has some very major players involved in the project.
When accumulation is done, IOTA will be ready to go. Conveniently, breaking the long-term downtrend and the .236 Fib line up very closely.
If IOTA indeed does break down, next supports are at 0.36~ and 0.28~.
We are indeed in a collapsed bubble.
However, a certain level of mania is about to vortex in a tremendous amount of new money and users to crypto.
Trade ist aktiv:
I chose to enter a channel low as I had confidence in this call. Volume spiking and price rising.
Breakout active for now. Let's see what IOTA can do.
Breakout active for now. Let's see what IOTA can do.
