Cryptocurrencies

IOTA technical analysis

IOTA seen from the temporality of 1W we can see how the price after marking a double floor pattern at 0.00002341 as a signal of reversal of trend, the price managed to push strongly towards the area of supply located at 0.00003450 where the price after doing the test has not been able to move forward, and has begun to retreat to the diagonal support indicated in the chart above by the diagonal trend in dark blue, currently the price is close to breaking down this bearish flag, if the price manages to hold the diagonal forming a new HL we should have a next test of the supply zone that would increase the odds of a bullish break of the figure.

IOTA seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price remained within the lower figure of the bearish flag that should break down very soon, within the chart above I have drawn the possible trajectory that could follow the price over the next few days.

In conclusion, IOTA is in an excellent moment of the trend where it should continue to rise over the next few weeks, for the time being, the price should continue to retreat towards the diagonal support where demand is positioned, if the price gets support this level we will see a new test of the area of supply located at 0.00003450 in search of the break of the ascending triangle, if this happens we could see an upward continuation towards our first target of gain located at 0.00004331, our second profit target is located at 0.00005632, if the price does not support the dark blue diagonal trend, the price will continue to fall and we could form a new LL, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place their stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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