IOTA has proven to be the strongest contender in Altcoin space as it blasts past highs, and leaving NEO and XRP in the dust. Currently, it's facing resistance at the Fibonacci Fan level, so some retracement is likely. Elliott Wave analysis shows we're likely completing Wave 3 of the impulse of a 5-3 Wave. this is the longest and strongest, so we could see more of a push, but some retracement should be expected soon. The massive bull momentum has been confirmed by both Kovach Momentum Indicators and the price has been at or above the upper bound of the Kovach Reversals Indicator for some time now.
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I'm likely to invest in this coin, however I'm not sure if wave 3 is finished. The investment will be long term and the news from yesterday has been really good.
Wondering if I could get more bang for my buck or not by waiting longer. I never really looked into IOTA until a few days ago, I thought: well that's a nice bull run to 1 dollar, next day: 1,50...
If BTC will retrace we might see a small correction because of dumb money getting out of crypto's. (I started like that in June aswell, trying to trade on 5 minute charts ;') ) Now I'm just investing which works much better for me.
Tangle seems really interesting with IoT (also scary tbh). Big company's joining to test the market place sounds like a good thing. Some proper testing.
If it's not working great we might see a big retracement, but since IOTA is here for over a year and is getting things straight it might be very interesting as an investment.
quantguy
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@yvofox, I agree that wave 3 might not be done, and they just signed a deal with Microsoft which will be huge for them, so we can expect further gains. I don't have any IOTA holdings right now, but will load up on a dip. The growth potential is massive since it is still a 'penny crypto' at this point.
yvofox
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@quantguy,
We just had a small dip but not big enough, but since I'm not holding any btc or ethereum I want to spend(Hodling ETH), I can't be on it all the time. I could put some fresh eth on bitfinex as an order, but another problem then is that I had quite a few times my order got triggered but didn't buy or sell... pretty annoying. I might just add in blocks, so I can have average price.
If you think about how much Ethereum grew. This could be something like it. Not with smartcontracts but the whole aspect of selling data...
2 options here for everyone who wants to get in:
-wait to get a better price, possible miss out on this price
-Buy this price and see another nice gain
or option number 3: Buy in blocks: You won't miss out (FOMO) but are being smart about it.
Currently they have a "dodgy" wallet and is just traded on bitfinex and Binance.
Ask yourself:
What will happen when the wallet is "safe"?
What will happen when the coin gets added on other exchanges?
Price will probably go higher and higher.
This is excluding bad news when for example the test of the marketplace wouldn't be working properly.
For me I will be buying in smaller blocks
Possible gains could be massive!
quantguy
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@yvofox, That is a good plan. Personally I will add to my position here, then again if it retraces further to the $8000 handle. This pullback is a completely natural (and necessary) phenomenon. Anyone who understands Elliott Wave theory is breathing a sigh of relief, in fact.
We could even see $7500, and BTC would still be solidly bullish. LTC, NEO, IOT, and ETH all look juicy at these levels too.
yvofox
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@quantguy,
Yes exactly, I have been reading a lot about Elliot Waves, fib retracements, RSI and a few other different indicators, from the internet and a few good traders here on the forum. Bought for 1.32 (usd) rougly, just before the price dropped down haha :') . I saw ETH dropping very quick to 390 and is going up again. Lets see what it will do tomorrow :)
quantguy
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@yvofox, Yeah I find that Elliott Waves and Fibonacci levels are extremely predictive with cryptos. Not to sound scammy but I actually teach a class dedicated to crypto trading at IOTAF
iotaf.com/
yvofox
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@quantguy,
Haha cool man, you must really like IOTA then because of the name xD
georgime
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WHat about EOS? That is a strong contender too..Thanks for the analysis sir.
quantguy
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@georgime, Good question, while I like the fact that the asynchronous block chain speeds up transactions, and the ownership model eliminates transaction fees, it doesn't really have enough market share to make it into my personal holdings just yet, but I am monitoring it. Thanks for bringing it up though!
Wondering if I could get more bang for my buck or not by waiting longer. I never really looked into IOTA until a few days ago, I thought: well that's a nice bull run to 1 dollar, next day: 1,50...
If BTC will retrace we might see a small correction because of dumb money getting out of crypto's. (I started like that in June aswell, trying to trade on 5 minute charts ;') ) Now I'm just investing which works much better for me.
Tangle seems really interesting with IoT (also scary tbh). Big company's joining to test the market place sounds like a good thing. Some proper testing.
If it's not working great we might see a big retracement, but since IOTA is here for over a year and is getting things straight it might be very interesting as an investment.