Welcome, friends, to this update analysis on Iota! Let's jump right in! Looking at the four hour IOT chart, we can see that today, the market had a big breakdown from my bear flag. As you can see, a subsequent bear flag was formed in the process. Momentum is rapidly expanding to the downside, and sell-side volume is dominating the chart. At the current level, there isn't much support to write home about. However, we can see that the 78.6% retrace is only slightly lower, as well as the bottom of the downtrend channel. You can see that the 20 EMA (in blue) and the 50 EMA (in orange) are turning straight down. That's a sign that (when coupled with the other bearish indicators) suggests an acceleration to the downside. I do expect IOT to find some support, either at the 786 or the bottom of the channel. When that occurs, we may get a quick pop, before the selloff advances. However, be wary of a forceful breakdown through those levels. If we see something like that, panic selling could quickly ensue. The trading range breakdown target, is becoming more and more realistc every day, but there is no guarantee that IOT will make it all the way down there. That totally depends, on whether or not the trading range breakdown corrects to it's full potential. On the upside, the 20 and 50 EMAs should continue to be resistance.
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-
-JD-
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-
-JD-