As a way of giving back, I am doing an analysis on this up and coming coin: IOTX TOKEN, support me by liking and following! I will really appreciate it and let us grow together, one day I hope to become a top trader and you guys will be the first to have followed and made continuous profits from my analysis!!
IOTX Technical Analysis:
At the moment in H1 Time Frame, IOTX has broken up and is currently undergoing a strong pullback for the past 6 hours. The 0.786 fib level has tried and failed to validate as support as seen in the long hourly H1 wicks which gave way to the selloff.
Now we wait to see if 0.5 Fib level can serve as a strong support for a REBOUND TO THE UPSIDE (this region is a common area of reversal)
If it fails, we look to see how IOTX reacts to touching the 0.236 Fib level (Below this, IOTX has likely lost momentum and I would not recommend touching it)
- GA MAINNET Launch on 1 June --> Hype creates momentum for BUYING Pressure
- Pretty solid fundamentals and potential for implementation (https://www.youtube.com/watch?v=bgv-bmhd...) --> Emphasis on full decentralisation, I see an uptrend on IOTX whenever there is news of adverse politics in altcoin management (etc EOS problem with decentralisation/TRON being too centralised)
- Be careful on sell off nearing the launch, would keep an eye on the charts for now
As always, feel free to like and comment your thoughts and any altcoins you would like to discuss about!
GOLD D ROGER
A humble trader
Stop loss I would recommend at below 0.236 level, so even if plan does not work we have a good reward to risk ratio (>2)
if you have a portfolio i would love to see the percentage distribution