I warned you two days ago that IOTA is due for a major correction. And yes, finally it came. To be honest IOTA blew all of my expectations of how high it could go. And sure I could have made more money selling at the 5.5$ mark. But I am not in this game to call out the top and the low, I am in this to find a estimate of where it can go, and there my buy/sell levels will be. Its quite simple.
In the picture below you will se IOTA has now formed a beautiful bullish descending triangel. There is major support at the 3$ level, this is where the .50 fib retracement level sits. If it breaks this resistance there will be a new buy level.
Now if we zoom out a little we will see there is that old previous resistance is now acting as new support. At the 2.9$ level. If we take this data and combine it with the bullish descending triangel we will find a very safe buy zone marked with a blue ring on the end of the triangel. And we can also combine it with the magical .618 fibonacci retracement number. That stands at a beautiful 3.02$ The rest of my buy orders for the fiat from selling high will be put here. It is highly unlikely that this support breaks, especially if we also consider that all the RSI levels are returned to normal except from the 1D. But IF this support breaks and it starts to down tick then the next line off defense will be at the 2.37$ mark.
What about the future price move? Well we know there is still a bullish run left for IOTA, considering the 5th elliott wave, and the fact that the bullish descending triangel is very precise. So if you feel my buy zones are risky please consider simply buying at any price before the start of wave 5! And remember I only trade with 50% of my IOTA holdings. I will not put up a target price as I need to see how the market price acts first. My self I belive the breakout might occure when the BTC price start to retrace back, and money flows back into ALT.
This is simply my opinion on the matter. Do NOT consider this as financial advice. Do your own research before putting money on the line.
Consider following my twitter for future updates: https://twitter.com/CryptoFaa
Upvoted on behalf of @thehumanbot and it's allies. Write less but write great original content, which is the key to success in Steemit. If you are using any image or video, cite proper source. Even if its your own image or video, it's worth mention the same. Also be careful to avoid duplicate posting.
Great Original Works are rewarded by top Curators, refer posts from my Step-Brother @humanbot for more details.If you like this initiative, you can follow me in SteemAuto and upvote the posts, that I upvote.
And remember to do some charity when you are rich by contributing to me. Check out my Introduction Post for more details. If you have any concerns or feedback with my way of operation, raise it with @sanmi , my operator who is freaking in Steemit chat most of the time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit