Hey! I am back with another Technical analysis, this time looking at longer timeframe on IOTA.
Informative text.
If you are only curious about forecast, go to "Technicals" or "Conclusion"
IOTA has tested known demand zone in august and saw relatively quick 70% gain. But this still wasnt enough as Bitcoin was going pretty much sideways, and IOTA and every other coin has to obey and follow.
The thing is, if IOTA would breakout and see an 300% gain for example, and be at second ressistance point from above, IOTA would be worth only about 2$ per coin, without Bitcoin showing some green moves.
Buyers need to see an good uptrend certainity on Bitcoin for strong altcoins as Ripple, Ethereum and Iota for example to see parabolic or sharp uptrend moves.
This doesnt neccesary mean that Bitcoin has to break 20k level or higher for IOTA to see price above 6$ once again, but it would help a lot, all I am saying is that Bitcoin has to leave the demand zone of 5800-6000 area and continue gaining value to show alts their way.
If Bitcoin sees another crash to 5800, alts will follow and very likely to see oversold crash bounce as IOTA seen once.
Technicals.
IOTA is showing once again that she likes this Demand zone.
Unsuccesful breakout and downtrend has been formed. After this downtrend is broken I expect to IOTA remain silent for about the same time as Bitcoin or show some sharper moves up when Bitcoin starts to move.
Low volume shows that an uptrend is first most likely to happen and after a while IOTA can see another Breakout.
MACD is showing clear trend, and its currently uptrending with MACD giving first week buy signal, still unclosed but on a good clear way.
RSI shows demand still above 30 even after such sellout, found some support and began uptrending, with ressistance getting close to support, sharp move may be ahead. (15-60% at least).
Conclusion.
Uptrend or an impulsive move most likely to happen. IOTA has good Fundamentals and there is no reason for IOTA price to not grow.
Use the ressistance levels as take profit zones, slightly below ressitance.
Thats all from me, for now. If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
Informative text.
If you are only curious about forecast, go to "Technicals" or "Conclusion"
IOTA has tested known demand zone in august and saw relatively quick 70% gain. But this still wasnt enough as Bitcoin was going pretty much sideways, and IOTA and every other coin has to obey and follow.
The thing is, if IOTA would breakout and see an 300% gain for example, and be at second ressistance point from above, IOTA would be worth only about 2$ per coin, without Bitcoin showing some green moves.
Buyers need to see an good uptrend certainity on Bitcoin for strong altcoins as Ripple, Ethereum and Iota for example to see parabolic or sharp uptrend moves.
This doesnt neccesary mean that Bitcoin has to break 20k level or higher for IOTA to see price above 6$ once again, but it would help a lot, all I am saying is that Bitcoin has to leave the demand zone of 5800-6000 area and continue gaining value to show alts their way.
If Bitcoin sees another crash to 5800, alts will follow and very likely to see oversold crash bounce as IOTA seen once.
Technicals.
IOTA is showing once again that she likes this Demand zone.
Unsuccesful breakout and downtrend has been formed. After this downtrend is broken I expect to IOTA remain silent for about the same time as Bitcoin or show some sharper moves up when Bitcoin starts to move.
Low volume shows that an uptrend is first most likely to happen and after a while IOTA can see another Breakout.
MACD is showing clear trend, and its currently uptrending with MACD giving first week buy signal, still unclosed but on a good clear way.
RSI shows demand still above 30 even after such sellout, found some support and began uptrending, with ressistance getting close to support, sharp move may be ahead. (15-60% at least).
Conclusion.
Uptrend or an impulsive move most likely to happen. IOTA has good Fundamentals and there is no reason for IOTA price to not grow.
Use the ressistance levels as take profit zones, slightly below ressitance.
Thats all from me, for now. If you agree with this Technical Analysis , consider leaving that "Agree Button" blue, as it leads me to post more similiar Technical Analysis .
Thanks for your time and good luck trading!
