Iota Can Hit The Support Again Before The Next Move UpOn December 3rd 2019 I posted an article and on that post I revealed that the priceline of Iota had formed a big bullish butterfly pattern on weekly char. At that time the price action was just entered in the potential reversal zone of that pattern. And as per Fibonacci sequence of bullish butterfly it was expected that the priceline will take the bullish divergence from the PRZ level atleast up to the Fibonacci projection of A to D leg from 0.382 to 0.786 Fib projection level. And finally in very next month January 2020 the price action took a powerful bullish divergence and produced more than 119% bullish rally and moved down again. This time the Iota has even broken down the potential reversal zone of this bullish butterfly.
Falling wedge and volume profile based move:
We can also observe that on weekly chart the priceline of Iota is moving in a falling wedge and after this recent drop the price action has hit the support of this falling wedge. Even though the bollinger bands was above the support and there was a little bit distance between the lower bands of bollinger bands and the support of the falling wedge but the bearish trend was very strong therefore the the candlesticks has hit even beyond the support of this wedge and retraced back into the bollinger bands. If we place the volume profile on the complete price action moving within this wedge then we can see that the trader’s interest is very low below $0.115 and above $0.42. And the volume profile’s point of control is at $0.28. Therefore there are strong chances that whenever the priceline will be moved down than the area where the traders has low interest of trading then it will move up again at least up to the point of control of the volume profile. This is very positive sign traders don’t have interest upto the support.
Bullish Crab pattern a bullish reversal signal:
Now if we switch to the smaller time period and that is 2 day chart then we can see at the support of falling wedge the priceline of Iota has formed a complete a bullish crab pattern. The priceline has hit the just a spike in the potential reversal zone of this pattern and turned bullish. As per Fibonacci sequence the Crab pattern the price action was suppose to hit at least 0.382 to 0.786 Fib projection of A to D leg. And the candlesticks has already hit this zone. But I am expecting that the priceline will again give us another chance to catch it from the potential reversal zone and it will again turn bullish and start a proper bullish rally that can lead the priceline to hit the resistance of the falling wedge that has been formed on weekly chart.
The potential reversal zone starts from $0.09 goes up to $0.119 but because we have a strong support of falling wedge therefore we can have another spike up to 9 cents or little bit more. But it will be very much difficult for the price action to break down the support and move up to the maximum extent of this potential reversal zone.
100 simple moving average support:
And now if we switch to the more smaller time period chart and that is 4 hour chart then it can be clearly observed that the priceline is moving around the 100 simple moving average at this time. We also examine that the candlesticks are moving above this simple moving average and 100 SMA is holding the price action. Therefore I am expecting if the Iota will break down this 100 simple moving average support then it can again enter in the potential reversal zone or buying zone of the Crab pattern that has been formed on 2 days chart.
Conclusion:
On midterm the priceline can move down to reach that support again and after hitting the support Iota can turn very strong bullish to make another attempt to breakout the resistance on long term.
And If it will be able to breakout from resistance then more powerful bullish rally can be started.
Note: This idea is education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.
IOTUSD
IOTAUSDT formed bullish Butterfly | Upto 66% move expectedPriceline of IOTA / US Dollar cryptocurrency has formed a bullish Butterfly pattern and entered in potential reversal zone.
This PRZ area should be used as stop loss in case of complete candle stick closes below this zone.
I have used Fibonacci sequence to set the targets:
Buy between: 0.2025 to 0.1713
Sell between: 0.2267 to 0.2853
Regards,
Atif Akbar (moon333)
IOTA Mid Term Technical Analysis | IOTA Formed Bullish ButterflyThe triangle and firm support:
Since sep 2018 the 20th ranked leading cryptocurrency is moving within a descending triangle , during this period the price action is hitting second time on the support of triangle and also at the lower bands of Bollinger bands .
One of the main reason that the priceline is not able to breakdown the support sofar is that the volume profile of complete pattern is showing very weak interest of traders at the support of triangle therefore whenever the price action hits the support the selling interest gets weak and the bulls take charge and take the price action up to the resistance of this triangle so this time again we can expect the bounce upto the resistance of triangle very soon.
The ichimoku bear cloud is also getting squeezed.
The oscillators:
The relative strength index ( RSI ) has entered in oversold zone indicating that the sellers will be weak at this area and if we see the moving average convergence divergence then it is still bearish and fast length and slow length MAs are moving sideways but soon they can give bull cross signals, the stochastic RSI is also oversold and it can also give bull cross very soon.
The harmonic move:
If we zoon the corner of the triangle then we can clearly see that the price action has completed the formation of bullish butterfly pattern which can lead to breakout of triangle lets have a look at this pattern.
After initial leg the A to B leg is retraced upto 0.786 Fibonacci then B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg then final C to D leg is retraced between 1.27 upto 1.618 Fibonacci and here we have all legs driven as required for perfect bullish butterfly .
Now we are in potential reversal zone of this pattern and from there the priceline should move up between 0.382 upto 0.786 Fibonacci projection area of A to D leg so this move has capacity to give upto 66% profit but if the candles sticks will be closed above 0.786 Fibonacci levels then the price action may have breakout from the resistance of this descending triangle’s resistance so we can set our buying and sell targets as below:
Buy between: $0.2025 to $0.1713
Sell between: $0.2267 to $0.2853
Regards,
Atif Akbar (moon333)
IOTA/BTC trading updateHello trader,
This is an update of our analyses on IOTA/BTC, we see the green box as a buying area, now the price just reverted on important support level and is showing us a bullish momentum, our objective is the next important Resistance.
Please, push like button and follow us on tradingview.
IOTUSD: Trend Reversal and the Perfect Trade How should the perfect buy opportunity look like, if we talk about a trend reversal?
Here is an example for you that can be used with any timeframe and in any market.
We have a local downtrend, which is a correction of the main uptrend in the higher timeframe.
The price reached the support zone and bounced form it several times. It tells us that the support zone is strong, and it can reverse the market.
Indicators confirm the price reversal and a possible upward movement.
The market gives us a trend reversal signal based on a bullish divergence. If the price breaks the local downtrend line, it will confirm the trend reversal. We have a strong buy signal based on the trend reversal signal.
Entry Price: above 0.2750
Stop Level: below 0.2530
Profit Level: at 0.3480
Risk per trade must be no more than 10% of your capital.
It is an example of how we can use the buy opportunity.
Don't forget that in our case, Bitcoin can change the whole situation in this market and push the price below the support. That's why the proper risk and money management must be involved in trading.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
IOTUSD Heavy bullish sentimentIOT has broken above the 1D Channel Up that started the strong uptrend early in January.
Levels to watch:
- The price not only crossed above the Channel Up on the 1D chart but also broke the 0.618 Fibonacci retracement level.
- It is comfortably above both the MA50 and MA200 and in fact a Golden Cross may be due.
- The 0.3150 four month Resistance broke.
- The RSI on the highest values since December 2017.
Projection:
- This is a strong bullish signal with IOT potentially turning parabolic here. The targets are the next Fibonacci retracement levels: 0.786 = 0.4200 and 1.000 = 0.5580.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
IOTUSD: SMA200 as Resistance and How to TradeThe price reached another resistance line, and it is SMA200. The price action in this zone will be important for further market movement.
As the market made a good upward movement, a reversal, and a correction after that will be logical. We will be able to get new buy opportunities after the correction, where the best will be based on a reversal from the uptrend line.
The market can try to pass SMA200 and make a new high. But I don't think it will be a good idea to buy following the breakout signal. The reason is, the market looks overbought, and it should correct the previous upward movement. RSI reached the overbought zone. If we talk about buying, we had to open long positions above 0.17 level, but not following a breakout in the overbought market.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
IOTUSD: When to Buy If You Missed Trend ReversalWe could buy this coin based on a breakout above the downtrend line. We could buy this coin based on a breakout above the local swing highs. The market gave us such opportunities, and if you missed them, you need to think about new trading signals. When to buy the coin if the price continues the upward movement?
It is possible to buy based on the breakout above SMA50. I don't like the entry point as it is far from the uptrend line. But if you look for long term trades, probably the part of trade volume can be used following this signal.
If we talk about the proper buying in the market, which builds an uptrend, I would like to see the downward movement to the uptrend line and buy based on reversal signals from the daily and lower timeframes. It makes sense as long positions will be opened after the correction in the direction of the new uptrend.
IOTUSD: Buy OpportunityThe trading idea is based on a trend reversal signal, which gives us a bullish divergence. If the price breaks the local swing high, it will confirm the further upward movement. RSI is bullish, and the same goes about MACD.
Entry Price: above 0.175
Stop Level: below 0.145
Profit Level: at 0.265
Risk per trade must be no more than 5% of your capital.
IOTUSD Mid Term Technical Analysis | IOTUSD Formed ButterfLyThe descending triangle and firm support:
On bitfinext week chart since Sep 2018 the 20th ranked leading cryptocurrency is moving within a descending triangle , during this period the price action is hitting second time on the support of triangle and also at the lower bands of Bollinger bands .
One of the main reason that the priceline is not able to breakdown the support sofar is that the volume profile of complete pattern is showing very weak interest of traders at the support of triangle therefore whenever the price action hits the support the selling interest gets weak and the bulls take charge and take the price action up to the resistance of this triangle so this time again we can expect the bounce upto the resistance of triangle very soon.
The ichimoku bear cloud is also getting squeezed.
The oscillators and MACD:
The relative strength index ( RSI ) has entered in oversold zone indicating that the sellers will be weak at this area and if we see the moving average convergence divergence then it is still bearish and fast length and slow length MAs are moving sideways but soon they can give bull cross signals, the stochastic RSI is also oversold and it can also give bull cross very soon.
The harmonic move:
If we zoon the corner of the triangle then we can clearly see that the price action has completed the formation of bullish butterfly pattern which can lead to breakout of triangle lets have a look at this pattern.
After initial leg the A to B leg is retraced upto 0.786 Fibonacci then B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg then final C to D leg is retraced between 1.27 upto 1.618 Fibonacci and here we have all legs driven as required for perfect bullish butterfly .
Now we are in potential reversal zone of this pattern and from there the priceline should move up between 0.382 upto 0.786 Fibonacci projection area of A to D leg so this move has capacity to give upto 66% profit but if the candles sticks will be closed above 0.786 Fibonacci levels then the price action may have breakout from the resistance of this descending triangle’s resistance so we can set our buying and sell targets as below:
Buy between: 0.2025 to 0.1713
Sell between: 0.2267 to 0.2858
Regards,
Atif Akbar (moon333)
IOTAUSD formed bullish Gartley | upto 13% movePriceline of IOTA / US Dollar cryptocurrency has formed a bullish Gartley pattern and entered in potential reversal zone.
This PRZ area should be used as stop loss in case of complete candle stick closes below this zone.
I have used Fibonacci sequence to set the targets:
Buy between: 0.2645 to 0.2548
Sell between: 0.2721 to 0.2904
Regards,
Atif Akbar (moon333)
IOTAUSDT forming bullish Crab | A long opportunity coming aheadPriceline of IOTA / US Dollar cryptocurrency is forming bullish Crab pattern and soon it will be entered in potential reversal zone.
This PRZ area should be used as stop loss point in case of complete candle stick closes below this area.
I have used Fibonacci sequence to set the targets:
Buy between: 0.2619 to 0.2558
Sell between: 0.2667 to 0.2782
Regards,
Atif Akbar (moon333)
IOTUSD - Just a pump or something else?Another coin that had a good week last week was IOTA. It printed a solid green HA candle that closed above the open of the previous 4 candles. Pretty bullish.
Now the question remains, was this just a pump or are we going to see this trend continue.
In the smaller time frames a pullback has already started with key support levels at 0.27 and 0.25
IOTAUSD formed a bullish Shark pattern|Upto 123% potential tradeAfter completion of gartley pattern the priceline of IOTA / US Dollar cryptocurrency has formed a bullish Shark pattern and entered in potential reversal zone to hit the sell targets soon insha Allah.
This PRZ area can be used as stop loss in case a complete candle stick closes below this area
Volume profile of complete pattern is showing less interest of traders at this area.
MACD is turning bullish
Stochastic is oversold but did not give bull cross.
I have used Fibonacci sequence to set the targets:
Buy between: 0.2612 to 0.2052
Sell between: 0.3288 to 0.4595
Enjoy your profits and regards,
Atif Akbar (moon333)
IOTAUSDT formed bullish gartley | a good long oppottunityPriceline of IOTA / US Dollar is forming differing harmonic pattern continuously after forming 2 sharks now it has completed the formation of gartley pattern and entered in potential reversal zone.
I have defined the targets using Fibonacci sequence:
Buy between: 0.2433 to 0.2385
Sell between: 0.2471 to 0.2562
Regards,
Atif Akbar (moon333)