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IOTUSD

IOTA - Testing Resistance, 50%+ gains in the works!Take a quick look at the daily chart for IOTA/BTC. The price has been in a descending channel since August of 2020 and lost 79% of its value. But since then, the price action has shown a strong bullish reversal taking out the MA50 and is now testing resistance. If we can break out here, I could see the price jumping very quickly. The MACD has cleared the zero-line which is also bullish, especially on the daily time frame. Get ready!
Long
by jpbrown1023
$IOTAUSDT - Multiyear AccumulationThe study of Wyckoff Theory, along with market cycles, would suggest IOTA is being heavily accumulated within this range. With a clear demand level of 0.20c and clear supply level of 0.40c. Anything sold above 40c is a win, and anything bought below 20c is a win. Until we've breached the downwards channel resistance, and weekly range high resistance, we can assume we'll just keep dancing between these levels. If 0.23c is lost as support, a capitulation event could occur. If 0.23c holds, we may finally get a rally coming out of this range. As a tech company at the forefront of technology advancements, once the composite man unleashes this beast, generational wealth will be made for those who accumulated the lows.
Long
by The_Paradoxed_Prophet
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.
Long
by moon333