Welcome, friends, to this update analysis on Iota! Let's jump right in! Looking at the four hour IOT chart, we can see that today, the market had a big breakdown from my bear flag. As you can see, a subsequent bear flag was formed in the process. Momentum is rapidly expanding to the downside, and sell-side volume is dominating the chart. At the current level, there isn't much support to write home about. However, we can see that the 78.6% retrace is only slightly lower, as well as the bottom of the downtrend channel. You can see that the 20 EMA (in blue) and the 50 EMA (in orange) are turning straight down. That's a sign that (when coupled with the other bearish indicators) suggests an acceleration to the downside. I do expect IOT to find some support, either at the 786 or the bottom of the channel. When that occurs, we may get a quick pop, before the selloff advances. However, be wary of a forceful breakdown through those levels. If we see something like that, panic selling could quickly ensue. The trading range breakdown target, is becoming more and more realistc every day, but there is no guarantee that IOT will make it all the way down there. That totally depends, on whether or not the trading range breakdown corrects to it's full potential. On the upside, the 20 and 50 EMAs should continue to be resistance.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thanks MPC, With so gloom at the moment have come across something that you think has potential to move up during this Bear market?
rszabo021
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@SoulStealer, No, he does not. Especially because he is always doing USD pairs. If BTC or the entire market goes down, then every coin paired with USD goes down, more or less.
@MagicPoopCannon I would really like to see your skills with Alt/BTC pairings. That's actually more useful in this bear market.
kardia
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@rszabo021, But if the market as a whole is crashing, would it make a difference? It seems you would still be losing because both sides would be decreasing in value day by day.
rszabo021
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@rev214us, not really. Right now, accumulating BTC is the only smart idea.
kardia
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@rszabo021, I wouldn't even buy BTC right now. The market is very unstable and could drop much lower.
Disregarding the crash of BTC and the altcoin lemmings, the issue I have with IOTA is simply this, IOTA management is a bunch of snowflakes who think they are running a charitable organization and not a business. Unless and until IOTA get new management, it is a fools errand.
grahnite
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@MaxBlue, I completely agree. I have sold all my IOTA a while ago and have now started heaviky investing in IoT Chain (ITC). It seems like a mich better long term play in the IoT space.
CristoJaraba
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