Hi friends! Welcome to this update analysis on Iota! Let's jump right in. Looking at the four hour chart, you can see that IOT fell all the way down to the 78.6% retrace, nearly touching the bottom of the downtrend channel. The buyers were quick to jump in (as you can see by the large green volume bar) but the subsequent recovery appears to be a bearish consolidation, like many of the other coins that I cover. Volume has quickly diminished, but the MACD continues to surge higher. So we've got falling volume, a rising MACD, a bear flag consolidation, and overhead resistance. As I conduct my analysis, I know that many people will say "that's not a bear flag, it's this and it's that, and you suck at charting and blah blah blah." So I look around the room, and I say "who's teaching this class? You or me?" LOL In all seriousness, what we're doing here, is simply identifying a bearish pattern. We're looking at it. We know that it's there and we're going to continue to watch it. That's what trading is all about. Sure the bear flag could break to the upside. Then all of the TradingView goons will climb to the mountain tops with their bullhorns, to shout how wrong I am. That's not what technical analysis is. I see a pattern. I watch it, and I wait to see what it does. If the bear flag breaks to the upside, my views may change. Typically, however, bear flag patterns, that rise into resistance, on falling volume, during a bear market, in a downtrend channel, usually produce a continuation to the downside. Can you fault me for pointing that out? Peace.
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.***
Thank you for the info and your time, it's much appreciated. I pretty much just hold but I love reading the updates.
If I could figure out a way besides USDT to get in and out the market I would use the info to strengthen my position. If I cash out on Coinbase it takes a week to get my money deposited, any suggestions?
CoachFox
⋅
Good stuff JD...Thanks for the posts!!
DouglasM
⋅
You've been rocking Poop, congrats, you should not care about the haters
82hitman007
⋅
Keep speaking truth to power mam...lol
But honestly, love the TA & subsequent break down of what you see and why...doing great, keep it coming!
jmgardner
⋅
Love the simplicity as always! Arguing hopes and dreams usually fails. Keep it up JD!!!
clemscash
⋅
Cheers mate...love ya work. Haters are gonna hate!
eetutopo
⋅
Hi sensei, would love to get an update on this - especially the IOTBTC chart looks very interesting right now but I'm not an expert, better let the professor do the teaching. Keep poopin' brother!
EmziCrypto
⋅
Dear @MagicPoopCannon, I really appreciate your views, explanations and charts. Please keep on the good work! :) Could you please update us on this one? It's moving a lot. Thanks in advance
ISANVID
⋅
Dear,
After reviewing your last comments on Crypto's which I really appreciate I am really confused about how IOTA is "delayed" following the market patterns like LTC and BTC. I would appreciate your views for my technical understanding. Thanks at all
If I could figure out a way besides USDT to get in and out the market I would use the info to strengthen my position. If I cash out on Coinbase it takes a week to get my money deposited, any suggestions?