Guys, so another one of our long term hodl coins IOTA has had a phenomenal run within the last week or so. This is good news for all of us that are holding IOTA as a long term asset. Never the less, its sad for me to state that IOTA may have hit the roof in this rally. Never the less, that is good for us because we can just buy back at a cheaper price.
So whats happening with IOTA cryptofelix ?
Firstly, the blue trendline has been used as a support in the earliest and latest bull rally. This means we must give this trendline some sort of importance. We also have a descending trendline from the peak that IOTA has hit at 6$, and this trendline has often acted as a resistance and a last frontier for the bulls. We are nearing this descending trendline and price could even spike to as high as 2.2$ during a bull market (if for example bitcoin fixes up a bit) before declining again. Never the less, i am not personally in favour of this option as i feel its highly unlikely and BTC Behaviour still has huge bearish tendencies - i am more in favour of a decline to 6.9k on that frontier.
The more realistic option would be that we get a rejection from current price and stick to this descending channel formation we have had for quite sometime. Moreover, at the roof of this descending channel we also meet the moving average which has also acted as a resistance. Price will most likely be dropped to the 1$ point again - at this price we meet the blue trendline which has acted as support since 0.33$. RSI is also showing signs that a rejection is likely at this price. so is MacD which is indicating that we are at a pivotal point and the bulls and bears war could be won at current point but we are bears for now.
Guys i strongly advice you to follow our Telegram channel down below, you will find that it is both profitable and very informative (market demystification at its finest).
So whats happening with IOTA cryptofelix ?
Firstly, the blue trendline has been used as a support in the earliest and latest bull rally. This means we must give this trendline some sort of importance. We also have a descending trendline from the peak that IOTA has hit at 6$, and this trendline has often acted as a resistance and a last frontier for the bulls. We are nearing this descending trendline and price could even spike to as high as 2.2$ during a bull market (if for example bitcoin fixes up a bit) before declining again. Never the less, i am not personally in favour of this option as i feel its highly unlikely and BTC Behaviour still has huge bearish tendencies - i am more in favour of a decline to 6.9k on that frontier.
The more realistic option would be that we get a rejection from current price and stick to this descending channel formation we have had for quite sometime. Moreover, at the roof of this descending channel we also meet the moving average which has also acted as a resistance. Price will most likely be dropped to the 1$ point again - at this price we meet the blue trendline which has acted as support since 0.33$. RSI is also showing signs that a rejection is likely at this price. so is MacD which is indicating that we are at a pivotal point and the bulls and bears war could be won at current point but we are bears for now.
Guys i strongly advice you to follow our Telegram channel down below, you will find that it is both profitable and very informative (market demystification at its finest).