IOTAUSD - Nearing decisive point for descending triangle
TL:DR - Like the rest of the market, Iota is looking to set up a bullish descending triangle/double bottom.
This is the IOTAUSD chart with 1h candles. On my last update there was a classic sell the news event where Iota finally announced details around Qubic and saw a drop from a high of $2 to a low of $1.74, about a 13% loss. This set off a multi-day bear market to where we are now, looking for support around $1.15-$1.20.
In the mid term picture charted above I see one of two set ups as most likely. What we see right now could be a higher low formation which may set Iota up for a higher high. Another possibility is further price decline to the extreme support of $0.93 where there is a high likelihood of a bullish reversal. Either way I see what is essentially a descending triangle which is generally a bullish signal, made even more significant by the long timeframe.
Like the rest of this market, a bearish break below support at $0.93 would likely be catastrophic. If this occurs I have no idea where a price floor would be, perhaps another 33%-50% lower. I don't expect this but it is a good idea to prepare for the worst.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the IOTAUSD chart with 1h candles. On my last update there was a classic sell the news event where Iota finally announced details around Qubic and saw a drop from a high of $2 to a low of $1.74, about a 13% loss. This set off a multi-day bear market to where we are now, looking for support around $1.15-$1.20.
In the mid term picture charted above I see one of two set ups as most likely. What we see right now could be a higher low formation which may set Iota up for a higher high. Another possibility is further price decline to the extreme support of $0.93 where there is a high likelihood of a bullish reversal. Either way I see what is essentially a descending triangle which is generally a bullish signal, made even more significant by the long timeframe.
Like the rest of this market, a bearish break below support at $0.93 would likely be catastrophic. If this occurs I have no idea where a price floor would be, perhaps another 33%-50% lower. I don't expect this but it is a good idea to prepare for the worst.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.