Taking a quick look at IOTA/BTC, we observe that a H&S formation has been printed over the past couple weeks. It has however found itself moving towards the green 50 Day Moving Average.
The strategy here,
Look for that 50% Fibonacci level, right around 0.0002000. If it doesnt hold, and closes a strong candle under this level, we should see IOTA to falter to lower levels. The lowest support threshold should find itself on the 23% Fibonacci level, around 0.00016000 - 0.00017000 mark. i would consider this a great buy level. Personally i would wait this one out, given we're been through a relatively prolonged altcoin uptrend this past month.
The alternative scenario is IOTA to bounce off its 50 Day Moving Average, breaking a key resistance level at 0.00024000. These two conditions must be met in order for IOTA to resume its uptrend, reaching for new highs. For the bullish play here, a long position could be take at the 50% fib/green 50MA, with a tight stop loss around the 38% fib level.
* Not financial advice *
The strategy here,
Look for that 50% Fibonacci level, right around 0.0002000. If it doesnt hold, and closes a strong candle under this level, we should see IOTA to falter to lower levels. The lowest support threshold should find itself on the 23% Fibonacci level, around 0.00016000 - 0.00017000 mark. i would consider this a great buy level. Personally i would wait this one out, given we're been through a relatively prolonged altcoin uptrend this past month.
The alternative scenario is IOTA to bounce off its 50 Day Moving Average, breaking a key resistance level at 0.00024000. These two conditions must be met in order for IOTA to resume its uptrend, reaching for new highs. For the bullish play here, a long position could be take at the 50% fib/green 50MA, with a tight stop loss around the 38% fib level.
* Not financial advice *
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.