IOTA - Short Price Decline - Subsequent Pump
Updated
IOT should be comfortable testing the $5.00 price line (IOTUSD) until a confirmation in either direction confirms. Currently, RSI, MACD, MAs support price decrease, and this is even further supported if the resistance at $5.00 holds up for 1-3 days longer. If we land at ~$5.25, there should be a price increase, and given the On Book Volume there would be a massive price increase if the volume begins to take off. If we stay above $5.00 but under $5.10, we should see some more flirting with the $5.00 price line and need more confirmation.
Should IOT stay below the $5.00 resistance while increasing in volume, I wouldn't wait for a drop much larger than $0.25 before buying into a mid-term pump.
Bollingers are showing that the current price is overvalued by almost 2 standard deviations, thus supporting at least a small price decline (1 current standard deviation = ~$1.00). Ergo, if downward movement begins, it's not unreasonable to expect a ~$1.00 price decline for a buy opportunity of ~$4.00 (depending on what the "new" Current Standard Deviation is equal to).
Overall, IOT should see another massive growth pump within 10 days, but it depends on how the next couple days shake out.
I'm cautiously buying IOT at it's current price, only if it drops to ~0.000282 BTC/IOT, but I'm hopefully awaiting a price adjustment(s) to ~$3.50-4.25 in order to buy more before the next takeoff (approximately 0.000262 and 0.000235 are future targets if decline is triggered).
Words to the wise: BTC is in a downtrend, but it is starting to show signs of breaking back upward--and we know how quickly it goes up. Take ANY Altcoin advice you are reading with TWO grains of salt. I do not advise risking more than 5% of your BTC on IOT at the current price (because the downside risk is larger than upside), and I certainly don't advise trying to buy into Alts while BTC is low. Yes, you may come out on top of very few coins that essentially "magically" move up alongside BTC pumps, but the reality is that you are almost guaranteed to lose BTC if you buy Alts just before a BTC pump.
My stop losses would be reflective of BTC price movements upward to over 17.5k if risking 5% of my BTC.
Cheers, and good luck on your trades,
-Jordan
P.S. Please like or share if you found this analysis useful, and don't hesitate to leave me a direct message or comment on this Idea if you found it interesting, have more questions, or think this is entirely too wordy for what people are looking for--sometimes I enjoy hearing myself type more than a regular human being...
Should IOT stay below the $5.00 resistance while increasing in volume, I wouldn't wait for a drop much larger than $0.25 before buying into a mid-term pump.
Bollingers are showing that the current price is overvalued by almost 2 standard deviations, thus supporting at least a small price decline (1 current standard deviation = ~$1.00). Ergo, if downward movement begins, it's not unreasonable to expect a ~$1.00 price decline for a buy opportunity of ~$4.00 (depending on what the "new" Current Standard Deviation is equal to).
Overall, IOT should see another massive growth pump within 10 days, but it depends on how the next couple days shake out.
I'm cautiously buying IOT at it's current price, only if it drops to ~0.000282 BTC/IOT, but I'm hopefully awaiting a price adjustment(s) to ~$3.50-4.25 in order to buy more before the next takeoff (approximately 0.000262 and 0.000235 are future targets if decline is triggered).
Words to the wise: BTC is in a downtrend, but it is starting to show signs of breaking back upward--and we know how quickly it goes up. Take ANY Altcoin advice you are reading with TWO grains of salt. I do not advise risking more than 5% of your BTC on IOT at the current price (because the downside risk is larger than upside), and I certainly don't advise trying to buy into Alts while BTC is low. Yes, you may come out on top of very few coins that essentially "magically" move up alongside BTC pumps, but the reality is that you are almost guaranteed to lose BTC if you buy Alts just before a BTC pump.
My stop losses would be reflective of BTC price movements upward to over 17.5k if risking 5% of my BTC.
Cheers, and good luck on your trades,
-Jordan
P.S. Please like or share if you found this analysis useful, and don't hesitate to leave me a direct message or comment on this Idea if you found it interesting, have more questions, or think this is entirely too wordy for what people are looking for--sometimes I enjoy hearing myself type more than a regular human being...
Trade active
Hit my low buys, Next Target = 0.000115 BTC/IOT.This target is based on an old support line that still reflect positive growth, but at a much slower rate. There will be resistance along the way, but I don't expect bounce back until for at least a few days (or more depending on Christmas trading).
The absolute lowest target I have to buy is 0.000069 BTC/IOT. I don't think we will be seeing this right now--even if BTC hits 20k again tomorrow...But, in the event BTC hits 20k in another rampant swing upward, I will be ready and waiting to purchase at a ridiculously low 0.000069 BTC.
Cheers!
-Jordan
Trade active
My stop of 0.000249 have been reached yet, I could see it going low enough to hit, but the OBV has been building ever so slowly without a reflected price change. I find it highly likely that we will see ~$4.15 by 12/27-28. If stop is triggered, I will try to reposition at 0.00023-24.
We've held so strongly at 0.000250-265 that it's hard for me to see it going against the many indicators pointing toward upward growth.
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