IOTA could be potentially ready for a REVERSAL
Updated
IOTA had been sold for a while now. If you look at the daily chart, from february 25th 2018 we had the first attempt to break the the descending trendline (in yellow).
It seems like IOTA had found support at around 0.00014000.
In the short term, like shown in the chart, if it breaks above 0.00014400 it will go through the resistence line (white dot line) at 0.00015600.
Notice that Volume from the 1st attempt are going down, so this could be an accumulation fase. MACD in the 4H chart is at a good point beacause of the divergence in the past weeks (violet arrows) and the Stochastic RSI is fully oversold. The only negative thing here is that we are below the Ichimoku Cloud
This is not financial advice but could be an interesting spot to enter a little long position, obviously waiting for a confirmation signal.
Putting a stop-loss is a great strategy and I repeat always look for a confirmation.
It seems like IOTA had found support at around 0.00014000.
In the short term, like shown in the chart, if it breaks above 0.00014400 it will go through the resistence line (white dot line) at 0.00015600.
Notice that Volume from the 1st attempt are going down, so this could be an accumulation fase. MACD in the 4H chart is at a good point beacause of the divergence in the past weeks (violet arrows) and the Stochastic RSI is fully oversold. The only negative thing here is that we are below the Ichimoku Cloud
This is not financial advice but could be an interesting spot to enter a little long position, obviously waiting for a confirmation signal.
Putting a stop-loss is a great strategy and I repeat always look for a confirmation.
Note
IOTA breaks yesterday the support line at 0.00014000 (now it's a resitance level) and the overall trend is still bearish. Actually, it is under the Ichimoku Cloud (the Conversion Line, the base line and the lagging span).If it will go down the MACD bullish divergence (lines in violet) we have to re-evaluate the scenario. Until then, in the Daily chart, the coin is deeply oversold.
In the 4H chart everytime IOTA hit the Conversion line (line in blue or Tenkan-sen) it's send downside so it's necessary a remarkable push to broke this first little resitance and approach the Base Line (yellow line or simply Kijun-sen).
Note
Here's the link to the update chart:
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