After the recent ICO ban on the Chinese market, we saw a drop retracement by up to 30% in most of the major Cryptos. The most important thing to understand is that we have not changed into a bear market as of yet, since the overall crypto index shows the major currencies are still inside a bullish channel. Therefore the technicals are pointing to a retracement to find firm ground from last weeks bull rallies.
On the crypto index, IOTA was until yesterday, the one faring worst. That said I do believe we have completed a retracement here aswell with a brief wick touching the 0.236% fibo level and giving us an instant price action reversal indicating heavy buying pressure.
On the daily chart we also see that the support level at 0.54 is holding. No closed candles underneath as of yet.
As of now the growth curve in this bullish market sits on a growth curve at 18%. This has not really been confirmed, but if we do continue an upwards consolidation above this line, IOTA should be poised for some good gains in the near term.
A good entry point would thus be slightly under the support to be triggered by a wick, and the take profit in the area of our current ATH.
Personally I find this to be a very good setup as of now. risk/reward sits at 1:5.
Good luck trading folks!
On the crypto index, IOTA was until yesterday, the one faring worst. That said I do believe we have completed a retracement here aswell with a brief wick touching the 0.236% fibo level and giving us an instant price action reversal indicating heavy buying pressure.
On the daily chart we also see that the support level at 0.54 is holding. No closed candles underneath as of yet.
As of now the growth curve in this bullish market sits on a growth curve at 18%. This has not really been confirmed, but if we do continue an upwards consolidation above this line, IOTA should be poised for some good gains in the near term.
A good entry point would thus be slightly under the support to be triggered by a wick, and the take profit in the area of our current ATH.
Personally I find this to be a very good setup as of now. risk/reward sits at 1:5.
Good luck trading folks!