Looking at the four hour chart, we can immediately see one very distinct formation. It's just a large trading range that IOT remained in, for several weeks. As you can see, the base of the trading range rests exactly on the 50% retrace. Just by seeing that, I can immediately tell that the full retracement target is 100%, but I've taken the liberty of measuring the structure, to illustrate it for you on the chart.
In order to calculate a price target, for a breakout or breakdown of a large trading range, analysts simply measure the height of the range, and add or subtract it to the breakout or breakdown zone. Looking at IOT , we can see that it broke down on the 16th, and retested the breakdown level on the 20th, confirming it as strong overhead resistance. That in itself, is strongly indicative of further downside movement. However, when we subtract the height of the trading range, we can see that it takes us exactly to the 100% Fibonacci retrace — exactly like Bitcoin , and so many others.
People, if you aren't following me, know that no other analyst on this site, is giving you this kind of information. Don't underestimate it's value.
To be clear, I'm not saying that it's a 100% certainty that my target will be met. I'm just showing you what's on the chart. It's a well known fact that formations don't always correct to their full potential. I'm simply publicizing the information on the chart. What you decide to do with it, is totally up to you.
Overall, it's clear that the bears are sinking their teeth into this market. IOT has recently fallen back below the 20 (in blue,) forming a in the process. Additionally, it remains inside of the , and below the 61.8% retrace. Further downside is extremely likely, and as long as we remain under the top of the , I can assure you with 100% certainty, that my downside price target will eventually be met. =D
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
but after all, if this will happen, what we can anticipate further after this crash ? i mean, that would be kickdown like hell.. i cant imagine what happens next for example 2/3q 2018
Ok, back to fibonacci, so you have to take ath level and min level, but how about well considering where is that bottom level?