What's up traders, I hope you're all having a good weekend and are now preparing for your new years eve celebrations.
Here we have IOT/USD on the 4H chart.
IOT/USD appears to be ready for an up move. Iota has been trading within a sideways structure for a while. Recently there has been signs of bullish momentum each time the price action supports on the horizontal support zone between 2.40 and 3.00. If price manages to break and close above the sidewards resistance at around 3.7500 then it is a buy opportunity.
It appears IOT/USD is now ready for an upside pop soon. Price is nearing the end of the structure, and means that price must go one way or the other. Price does actually have the possibility to go down. This will be a possibility is price successfully breaks and closes below the horizontal support zone labelled on my chart between 3.08 and 2.40. If this happens our buy opportunity is null and a sell opportunity can be found.
If price breaks the sideways resistance at 3.7500, then I am expecting a breakout move to the highs, to the upside target of around 5.6000.
Whichever way the price goes, I will be updating this analysis as it progresses.
can you please consider doing all analysis /BTC it would be much more helpful since that is the basis of 90% of all ALT trading. Love your work, thank you.