RiversAndMountains
Long

IOTA - Light Amidst Darkness

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Bluntly, IOTA has been on an absolutely atrocious run since its ATH of $1.10. A heavy slide down and some very long candles. Looking at the chart, on first glance one would feel that IOTA is a typical altcoin that is worthless, especially after losing 65%+ of its value and apparently receiving very limited support.

I'm a big fan of fundamentals. Fundamentals don't matter compared to price action sometimes, but especially during a period of time like we are in today where everything is collapsing and falling, what things are going to be worth when the storm is done becomes an exceedingly key question.

Do some research on IOTA. It's key, genuine technology, that at this point, has been through a multitude of tribulations and made it through those tribulations. IOTA is very likely to be one of the future top 3 cryptos in this industry with its focus on The Internet of Things. Lots of major partnerships and key people from all over the world and all over crypto are working for the IOTA Foundation.

Blah blah, fundamentals. Doesn't help you when price is in Goblin Town for a few days or a week. But it does help you buy when it's low and sell when it's high long-term.

In any event, IOTA is in a descending triangle and recently dipped violently after a false breakout to approximately 30 cents, dipping through long-term support at 40c, but bouncing off the long-term meanline. Since then, IOTA has bounced and is re-entering its triangle and is at the squeeze point.

Since mid-September, IOTA has suffered very heavy sell pressure and a lot of distrubition. Willy is showing major reversal from the bounce off the meanline and a breakout may be imminent.

Buy a sustained closing candle breakout at $0.44-$0.47c. Since projection of the triangle length leads us so close to the previous ATHs, I'm seting first reasonable target at $0.64c at last major resistance line, which is also between the 618 and 382 fibs.

IOTA is a coin you can buy and hold comfortably because it will have major long term value. In that light, it also counts as free at and below 40 cents, in my opinion. It's also one of the most explosive coins when it's running hot. Think Bitcoin levels of bull, and you have a really rare beast on your hands at a very low price.

Comments

Can't agree more, thxs for your analysis. I'm bought at 0,19$, rebought at 0,40$ and will rebought after forks ! :)
+1 Reply
Some perspective on IOTA's recent price action from a 4H perspective, since I know price has had some swingy volatility:



Watch out for what happens with Bitcoin as these slow alt-pumps are often suspiciously positioned around times when Bitcoin pumps or dumps. But, All the negative volatility in price was just IOTA bouncing off a trend line and progressing upward through another one.
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