IOTA
IOTA Long-Term View 🔎 Analysis #16/50Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
IOTA has been stuck inside a big range between the 0.2 support and 0.4 resistance.
🏹 Now IOTA is approaching the lower bound / support zone so we will be looking for buy setups on lower timeframes
For the bulls to take over long-term , we need a weekly candle close above 0.370
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
4H ALGROTMIC TRADING CONFIRMATION SHOWS A BREAKOUT FOR IOTXThis is the final update we will share regarding IOTX until there is a significant change in its price action. We have included additional updates about our expectations for IOTX and our current view. As we have done in the past with OCEAN, when it was around $0.14, and further updates when it reached $0.17. You can view the chart on the following link:
All of the previously mentioned targets for OCEAN have been confirmed.
According to our 4-hour range algorithmic trading, IOTX appears to have confirmation. There is a high probability that IOTX will break out short term.
$0.10 is an important short-term trend target. The current price is stable with low volume, but we anticipate this will change over time.
We have also observed similar signals in the 4-hour range before when IOTX broke out to higher price targets, from a similar starting price, as seen in the following example:
Please note that this is not a day trading update, but rather our primary view on IOTX and its potential for an unexpected breakout.
Our short-term target for IOTX is $0.10, with a middle-term target of reaching its all-time high, and a long-term target of $0.41 in 2023.
Monthly support!IOTA has seen little buying power over the past week, which has caused the currency to break its monthly support in the $0.226-$0.260 range. Now this area has become a serious resistance. Also, the support that was considered in the range of 0.195 to 0.180 dollars has been associated with a positive reaction. Considering the low volume of transactions, we cannot expect an upward trend yet.
The price of this currency can have a range trend for some time between the specified levels. Also, the range is completely clear in the 4-hour time frame of this trend. Therefore, the price should return above the $0.26 level for the trend to be bullish again. The nearest minor resistance is in the range of $0.237-$0.247, and hitting this range could be accompanied by a reaction. As you can see, the bearish trend is going on inside a bearish channel, and to get bullish, it is necessary to break the channel's midline and the mentioned resistances.
BTC - Fear is stronger than greedJust having a coffee break in between my work duties. The Penguin indicator again is sitting on the chart. I can imagine we are in a danger zone here with 2 possible scenarios. I am presenting the more likely one. Weak confirmation of this rising wedge (bearish pattern) and sudden, rapid move to the downside. If current target won't hold, $20k will turn into resistance. For now if this isn't a fakeout (also possible), we are looking at sub 20k as target zone for BTC within the next 3-4 weeks. This move could be accelerated (affected) by external factors.