$IOTA #IOTA - FLAGS - third HUGE flag in a row??? 4th next??
Hello Lads and Ladies,
Today we are taking a look at IOTABTC - the 9th most capitalised coin in the whole market. We are going to look at the very interesting structure and the possibilities we have now with IOTABTC.
First of all, we are seeing a very huge push from 14000 satoshi to 24000 satoshi about two months ago. After this push a very interesting and predictable structure has started. Fibonacci retracement lines are as well very well respected.
So, here is what happened and what we see.
A push starts and forms a double top at its top, in the second step it basically crashes straight down, forms a double bottom at the bottom and starts a new very strong push again, where at that top it forms a double top again and after doing that it crashes again. We have already seen that 3 times and the big question is how many more times is that going to happen again?
I have to add a very strange fact that I recognise in the IOTABTC chart. If you take a very close look, you can see that the first double bottom was exactly at the 50% fibs line, the second was exactly at the 61.8% fibs line, the THIRD one seems to be forming at the 78.6% fibs line - based on that, are we going to see the fourth double bottom at the 100% fibs line?
The same decrease is also seen with the double tops. The second double top was formed at a very strong resistance and support line of IOTABTC above 0% fibs line, so if you inverse it to would be the 23.2% fibs line, the third double top has been formed at the 0% fibs line, so based on that decrease are we going to see the next double top being formed at 23.6%??
I strongly believe that we are going to see a double bottom formed on the 78.6% and then see a huge push again. Nevertheless, I do not believe that we are going to see a fourth flag forming by following the same rules as sated before. This would be TOO predictable and this normally does not happen. I would still keep this possible structure in mind just watch the chart what it does and where we are heading to.
I am actually more seeing this decreasing double top resistance being broken and the push continuing towards 26000 or even 28000 satoshi. ANYHOW, I will first watch IOTABTC very closely and look for the double bottom. This double bottom might be very narrow, because the double top was very narrow as well and there is not a lot of space left between the current position and the blue dotted flag resistance.
It seems like we have touched very shortly the 78.6% fibs line and going up, taking a look at RSI, we should go up to about 50 points, fall down below 35 points and then start the push. Again, this might happen very quick. If you are not into watching the chart the whole time and believe in this structure repeating jus put a buy order at 17300 and chill. Should this structure actually happen agin towards the anticipated resistance, then that would be around 40% gains within this week.
Nevertheless, this might be nothing and we are going to move sideways or head even more down - you should always keep that in mind, that big negative days are actually a thing in this market. But then speaking of the market, like we have seen not only one bloodbath day, so we will most likely see not only one day where all coins just go straight up within a few hours.
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Fell free to request TA for ANY coin you are interested in!!!
Cheers, Tomas
Today we are taking a look at IOTABTC - the 9th most capitalised coin in the whole market. We are going to look at the very interesting structure and the possibilities we have now with IOTABTC.
First of all, we are seeing a very huge push from 14000 satoshi to 24000 satoshi about two months ago. After this push a very interesting and predictable structure has started. Fibonacci retracement lines are as well very well respected.
So, here is what happened and what we see.
A push starts and forms a double top at its top, in the second step it basically crashes straight down, forms a double bottom at the bottom and starts a new very strong push again, where at that top it forms a double top again and after doing that it crashes again. We have already seen that 3 times and the big question is how many more times is that going to happen again?
I have to add a very strange fact that I recognise in the IOTABTC chart. If you take a very close look, you can see that the first double bottom was exactly at the 50% fibs line, the second was exactly at the 61.8% fibs line, the THIRD one seems to be forming at the 78.6% fibs line - based on that, are we going to see the fourth double bottom at the 100% fibs line?
The same decrease is also seen with the double tops. The second double top was formed at a very strong resistance and support line of IOTABTC above 0% fibs line, so if you inverse it to would be the 23.2% fibs line, the third double top has been formed at the 0% fibs line, so based on that decrease are we going to see the next double top being formed at 23.6%??
I strongly believe that we are going to see a double bottom formed on the 78.6% and then see a huge push again. Nevertheless, I do not believe that we are going to see a fourth flag forming by following the same rules as sated before. This would be TOO predictable and this normally does not happen. I would still keep this possible structure in mind just watch the chart what it does and where we are heading to.
I am actually more seeing this decreasing double top resistance being broken and the push continuing towards 26000 or even 28000 satoshi. ANYHOW, I will first watch IOTABTC very closely and look for the double bottom. This double bottom might be very narrow, because the double top was very narrow as well and there is not a lot of space left between the current position and the blue dotted flag resistance.
It seems like we have touched very shortly the 78.6% fibs line and going up, taking a look at RSI, we should go up to about 50 points, fall down below 35 points and then start the push. Again, this might happen very quick. If you are not into watching the chart the whole time and believe in this structure repeating jus put a buy order at 17300 and chill. Should this structure actually happen agin towards the anticipated resistance, then that would be around 40% gains within this week.
Nevertheless, this might be nothing and we are going to move sideways or head even more down - you should always keep that in mind, that big negative days are actually a thing in this market. But then speaking of the market, like we have seen not only one bloodbath day, so we will most likely see not only one day where all coins just go straight up within a few hours.
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Fell free to request TA for ANY coin you are interested in!!!
Cheers, Tomas
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