I am very bullish on IOTA and own it, but I hate having to face this long term chart in the face of all the short term bullish charts floating around right now. This Daily Long Term chart says we are still clearly in a down trend for now. Every upturn has everyone excited and euphoric thinking that IOTA is ready to take off for the stars. You start to dream of all the things you will buy with your money and how good life will be and then You see the big picture here in this chart and it brings you back from your happy place :-).
Short term charts look great, for now, I hear a lot of people claiming pump & dump is going on, but I see the Ebb & Flow of a normal down trend, this looks very much like normal trading activity with a healthy pull back. I see this same style in every market, Oil, Gold, Bonds, Etc. Too Many traders make the mistake of buying those tops right on the upper trend line of the long term chart which they never look at to get an Idea of the "Big Picture".
Volume is trending upward as the market has moved down for months. this could be A very strong signal for being an "Over Sold" market. To see divergence like this on a Daily Chart are far and few between and it says a lot when volume is going up in the face of a falling market. A lot of people will mention that a lot of the volume bars are "RED" meaning selling pressure, but you must remember that there is a buyer for every seller, dont let that get into your psychology too much.
Short term charts look great, for now, I hear a lot of people claiming pump & dump is going on, but I see the Ebb & Flow of a normal down trend, this looks very much like normal trading activity with a healthy pull back. I see this same style in every market, Oil, Gold, Bonds, Etc. Too Many traders make the mistake of buying those tops right on the upper trend line of the long term chart which they never look at to get an Idea of the "Big Picture".
Volume is trending upward as the market has moved down for months. this could be A very strong signal for being an "Over Sold" market. To see divergence like this on a Daily Chart are far and few between and it says a lot when volume is going up in the face of a falling market. A lot of people will mention that a lot of the volume bars are "RED" meaning selling pressure, but you must remember that there is a buyer for every seller, dont let that get into your psychology too much.
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For you long term holders, IOTA finally broke its daily down trend line, this is major! it also did it on Low volume, and closing at the days highs. All good forward looking signs. We should be expecting IOTA to go to the next level of pain, which would be around a Dollar. Once we get there, its probably gonna be a lot like this level has been, a lot of War between the bulls and bears, volatility and uncertainty. But this is what we all signed up for, so Suck it up MANCHILD!!!
-Netrunner
-Netrunner
Definitly not out of the woods yet though. We are still in a daily down trend, and we need more buyers, or we need to run out of sellers, I would love to see a short squeeze here, that would give us the boost needed to break support and change trend direction.