IOTA - Bear capitulation brings new buying opportunity
I am a big fan of IOTA.
The expected Head & Should pattern played out perfectly in the end although the market did everything to mislead bulls and bears during the last couple of weeks.
I guess we just witnessed the bear capitulation.. Couldn't find any news that justify this sell off but as IOTA had gone up so much a nasty correction was necessary.
All my hedges got fully covered below 0.50 and aggressive scale in buy orders were executed between 0.47 and 0.39 !!! Great setup.. very oversold
Now is the time to add more IOTA if you haven't done so already..
I have no stops for IOTA at this point which means my whole position is at risk therefore wise money management is necessary (=risk only what you can afford to loose).
A bounce towards 0.65 is my minimum expectation. Prices above 0.82 indicated that IOTA is on the way to new highs..
The expected Head & Should pattern played out perfectly in the end although the market did everything to mislead bulls and bears during the last couple of weeks.
I guess we just witnessed the bear capitulation.. Couldn't find any news that justify this sell off but as IOTA had gone up so much a nasty correction was necessary.
All my hedges got fully covered below 0.50 and aggressive scale in buy orders were executed between 0.47 and 0.39 !!! Great setup.. very oversold
Now is the time to add more IOTA if you haven't done so already..
I have no stops for IOTA at this point which means my whole position is at risk therefore wise money management is necessary (=risk only what you can afford to loose).
A bounce towards 0.65 is my minimum expectation. Prices above 0.82 indicated that IOTA is on the way to new highs..
Comment:
IOTA already recovered until the 50% retracement.. New stochastic buy signal on the daily chart.. Expect some more volatility and confusion but overall I guess we are moving towards 0.80 - 0.82 next. Stay long
