IOTAUSD - Possible Outlook, broke resident line
IOTA / Dollar (calculated by TradingView) BINANCE:IOTAUSD
Hey, short update.
Depending on the following Indicators the Bearish trend might be leading:
IOTAUSD Broke the resident Line.
THE MACD indicates a bearish behavior
Although the major parts of IOTA are traded in USD (according to coin marketcap) the courses correlates strongly with the current BTC behaviour. Here might be a small correction the next days (according to trade analysist here) but further drop seems highly possible.
However, the RSI is very low on the daily chart . taking the past into account we saw a bullish breakout as soon as the RSI went below 30 in the daily chart . So possible buy in could be at the support zone at 90 ct to 98 ct .
Further, last break outs need to be considered. At the beginning of December the publication of a data marketplace together with big companies like Accenture, Microsoft , Volkswagen, Fujitsu and many more lead to the first 'explosion' of the value.
The second raise happend when Fujitsu published the representation at a famous fair in Germany, together with use cases of IOTA's technology.
The latest news, that Volkswagen is partnering with IOTA on the CEBIT (which started 2 days ago) is missing out a breakout behaviour. So we see the correlation with BTC seems to be stronger than to FIAT.
However, this is just an idea, when to buy in for the long term. No advise to short IOTA or any other coins.
If you want to buy in my advise would be to wait until confirmation of a turn from bearish to bullish (crossing of MACD ). As long as this does not happen it is a higher risk trade to buy in now, as the resident line seems to be broke. If you want to try this it is possible but as mentioned with higher risk. Always remember you cannot loose money if you do not invest, you only miss out one opportunity. There will be many more opportunities!
Best regards EngineerT