Cryptocurrencies

IOTX technical analysis

IOTX seen from the temporality of 1W we can see how the price when arriving at the diagonal support of the major figure, indicated in the chart above by the red diagonal, has started to change its momentum upwards creating a bullish closing in the previous candle and a quick continuation of the movement during today, the series of candles look pretty good to continue its movement upwards, however, we also see that the current candle is finding resistance at 0.00000079 leaving a considerable wick above this level, so it is very possible that we will see a reversal in the movement and then continue in search of our profit targets, the first target is located within the price range of 0.00000114 – 0.00000142, marked on the graph within the light blue rectangle, the second target gain is located at 0.00000183, marked on the graph by the horizontal black color.

IOTX seen from the temporality of 1D we can observe more closely the current movement of candles, we see the strong vertical impulse that has had these days, this can not be very consistent so to wait for a bass candles should be the safest in the coming days, the range I have delimited in the chart above by the 2 small horizontal dark blue, the resistance marked at 0.00000079 and the support marked at 0.00000061, the price should move within those levels and then try to continue with another bullish movement that reaches our first target, in the chart I have drawn the possible trajectory that should follow the price during the journey, the RSI indicator gives us a signal of overbought after having shot to break the bull pennant formed within the indicator, this is a signal of reversal.

In conclusion, IOTX has escaped me in its initial movement, now the safest would be to wait for a new entry into the price range mentioned above, we could have the following momentum and take profits within the price range of 0.00000114 – 0.00000142, however, I recommend to be very attentive to the action of the price in 1D, if the price closes below 0.00000061 we could fall to 0.0000050, so we must be very careful to avoid invalidations.

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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