By Request

I don't usually do request, but since IOTA fell out of the top 10 today, and @mmaarrttiinn11 wanted me to take a look at it, here it is!

1 Hour Chart

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https://www.tradingview.com/x/Dx5W3iyG/

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If you're a day trader, then IOTA has just given a sell signal, with the MACD turning bullish and we've just seen an increase in price because of that.

But on a longer term (yet still short) 4 hour chart, it is still looking bearish:

4 Hour Chart

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https://www.tradingview.com/x/xhnCfm0N/

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Despite the short term bounce, the indicators are still bearish on the 4 hour chart at the moment:

• The RSI is weak
• The MACD is still in the bears favor at the moment, and
• The MA cross is still on the sell side too

Any short term uptrend has clearly been broken here (hence no line), but it is holding above the $1.67 support for now at least.

It also looks like the bears remain in control to some extent on the daily chart too:

Daily Chart

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https://www.tradingview.com/x/t2DTKtU7/

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Here we can see that the MACD is somewhat on the bullish side (although below the zero line), but it looks like that could be changing too with it narrowing back towards a possible bearish cross.

The RSI remains below the 50 level on the daily too, indicating that not enough strength is there for a rally higher (yet).

Meanwhile...

Weekly Chart

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https://www.tradingview.com/x/tX8Lf4SD/

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The weekly chart helps paint another picture. While the RSI is at an okay level just below 50, the MACD is clearly bearish here still.

Putting It All Together

When I began typing this post, the 1 hour chart was looking positve with a nice bump up to $1.80 due to the bullish cross on the MACD.

As we zoom out and look at the bigger picture, we can see that things are looking bearish to neutral at best for IOTA at the moment, so further downwards price action may be the most likely scenario.

The downtrend line is still in play too...

Support is found at:

• $1.67
• $1.62
• $1.50
• $1.34 &
• $1.21 (which would probably be a worst case scenario).

My Best Guess

I wouldn't be surprised if it were to drop further, but as always you can't be 100% sure!

Please remember I'm still a newbie at this and these posts are helping me to improve my skills and to help others along the way too. There will be mistakes! (And there have been in the past).

Any questions or comments? Did I miss something? Let me know below!

Thanks for viewing!

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Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy

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Not intended as investment, financial, or trading advice. For entertainment purposes only.