Hi friends! Welcome to this update analysis on Iota! I'd like you to sit back, and relax, as I show you why IOT is poised to erase 100% of it's gains, since 11/7/17.
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 EMA (in blue,) forming a bear flag in the process. Additionally, it remains inside of the downtrend channel, and below the 61.8% retrace. Further downside is extremely likely, and as long as we remain under the top of the downtrend channel, 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.***
The ultimate BEAR analizer !!! You were right, most of the time, unfortunately... you did miss the ETH bull call...
GolfLife
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@rszabo021, READ the post ... "ETH sets a trap" I'm sure you'll find something in there
Levitikon
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@rszabo021 Right..
"We need to look for a break to the upside, or a break to the downside. If an upside breakout occurs, ETH will probably run up the 23.6% retrace." - MPC
MagicPoopCannon
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@Levitikon, Thanks Levitikon, for spitting some truth! That upside 23.6% retrace target was hit, and quickly surpassed, within 24 hours. The ETH call was a winner, hands down. Remember people, most of my analyses are conditional. I'm trying to teach people to watch for certain moves, to know what the outcome will be. That's how you trade! In this case, I told people to watch for an upside or downside break of the triangle. Personally, I was leaning bearish, but I always emphasize that I never trade until I see confirmation in the move. Just as I said in that post, a break to the upside made the 236 the first target. The upside breakout occurred, and I immediately went bullish, just as I told everyone else to do in my post.
-MAGIC-
apballard
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@MagicPoopCannon, "I'm trying to teach people to watch for certain moves", I'm learning a lot, thank you! I'm still trying to learn how to act on the info, but getting there.
crypto_poet
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Hey Magic - since its out of downtrend channel and there's no comment from you - I feel like there's no certainty in price direction... is there ? As you've said in your BTCUSD chart today - it might correct to 7200 - that would obviously drag down all of the alt coin market ... wright ?
Doc-al-Citadel
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Don't underestimate its value =D
zexheell
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this is brutal for everyone. but, i see at like subjective fibonacci setup, not objective. you decided to switch to that point for 100% retrace, I cant imagine that all traders has use it like your setup
what kind of bad news coming to do that ? tether ?
zexheell
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@zexheell, also, comapring to your xrp chart, i am not believer for that huge price drop, but i can be wrong as you too
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