IOTA is one of the only alts that went on a Bitcoin-level of parabolism during its growth. It was a hard, hard coin to find a time to get in on, much like Bitcoin Cash. At the time it was pumping, Bitcoin was pumping, and the charts mirrored each other.
Unfortunately IOTA is now in bear market cycle decline, but could be very close to finishing. Long term, it's in a huge triangle. I think it's more likely it will break upwards from the triangle, but if it breaks downwards it will be in full blown decline.
There has been lots of FUD around about IOTA, and that's always a good thing from an investor and trader's standpoint. Ever notice how scamcoins like MonaCoin and ADA always have nothing but positive comments everywhere, inviting people to join in the scam and come get duped too?
You know what they say about haters? If you've got 10, get yourself 20.
We can see from Stoch and the Willy21 MAs that the coin is very oversold. Oversold after a long corrective cycle at the apex of the triangle tends to lead to breakouts. We can also see that although the last dumps were violent in terms of price movement, negative momentum on SQZMOM was actually very small, which is impressive on a 6H candle. There are bullish divergences here.
IOTA has major players involved in it and some major people in crypto have joined the IOTA Foundation. They have partnerships for their internet-of-things technologies with many companies, and are one of the best kept secrets right now, in my humble opinion.
Best way to play this is to play the breakout. If IOTA breaks out of the triangle, get in in the blue rectangle. Since IOTA has shown a tendency to go off hard but not be able to sustain the momentum, I recommend taking profits at first prior resistance and the next fib, since the major resistance point is quite far away.
If bullish momentum is very strong, exit half your position at the take profit points to take profits and re-evalute. If bullish momentum is not very strong, you can exit the entire position and re-evaluate.
IOTA is also a very good buy-and-hold strategy.
Komen
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IOTA still consolidating, but looking good. Not dropping here is a bullish divergence for sure. The most recent bottom was formed at a perfect slope between long-term support and the more recent slight uptrend line.
You can enter riskier long trades early with a stop below the large triangle or wait for breakout.
Komen
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IOTA did indeed dump below the support line amidst Bitcoin mania.
But a healthy recovery. W bottom, cup and handle formation, above the major support line.
Trades can be entered but you have to manage your risk if it doesn't continue upward as it's very much in freefall below main support.
Love your articles. First of all, not only because of the price and charting, but also the view on the situation as a whole. Thanks!
artgen567
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IOTA going down.. what's next? may be 30 or.. 25? think to enter, but don't know perspectives
RiversAndMountains
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@artgen567, IOTA is the only coin that drops like this that I'm taking a look at where to buy. If I didn't have the majority of my equity in Bitcoin Cash, which, in my opinion, is the biggest expected value play right now, I'd be buying IOTA all the way down because of the fundamentals on the coin (in my opinion).
Because right now I have to take margin positions , being right and being right roughly immediately are important. What I'm looking for with IOTA is to catch a sign of reversal, a major breakout. I think when/if it does break out if its bear market pattern you absolutely will see violent bullism like you do in Bitcoin Cash.
The problem is it seems we're far away from that. Fundamentals matter, but the market can stay irrational longer than any of us can stay solvent. If position/equity trading I would honestly buy every 5 cents below 45 cents.
On margin I'm either looking to play a small position bounce around 30-35c or just directly play a reversal pattern above the downtrend line.
artgen567
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@RiversAndMountains thanks for your thoughts! also waiting bullish rally in BCH, when may be take part of positions in IOTA. Anyway now we waiting BCH, IOTA will be later )
ahimovich
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@RiversAndMountains, do you think that BITCOIN CASH should grow seriously in the near future? why?
I bought by 0.7. and 2 month thinking about capitulate... HOPE , HOPE ,HOPE ...
RiversAndMountains
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@ahimovich, Don't capitulate. Capitulation is the trap and it comes at the end of the downturn. That's the trick. It looks soooo low that you think to yourself "OMG I better sell now and still get something before it falls to ZERO!!!".
And then you dump and it bounces hard almost immediately.
I'll be pretty surprised if you don't see at least 50 cents for IOTA again. Future for IOTA is bright and 70c isn't a bad price to have gotten in at. Just be patient, put them in a wallet, and move on to other things for a bit.
In stocks and Forex you're fortunate to make 8% in an entire year. In crypto we can deal with 8% in a few hours, so don't capitulate.