$IOTUSD - Profit taking time, driving to a 21% correction?
MIOTA has seen a magnificent rally to this new heights. As predicted from my previous analysis.
We had a nice pullback for profit taking hitting a resistance at 2.1 dollars.
Looking at volumes seems like this is a flag of the initial pullback from ATH.
Volume has been very weak to sustain this price increase and we had solid volumes on the way down, signifing profit taking and the start of a short term correction
Indicators show a similar bearish trend developing:
- PPO still pointing down
- Stoch shows momentum still on the bearish side but has crossed bullish
- RSI sloping down
- CCI is sloping down, a bounce off the 0 line could signifiy the correction has exhausted and a push to higher
- MACD has a weak cross with histogram sloping downwards
As per many other cryptocurrencies we see an uncertain outlook with bearish bias.
The overall sentiment is driven by the bitcoin price that is ranging at the moment and a confirmation of any trend in alts will be driven by BTC price action. Keep an eye on it.
Trade Safe.
We had a nice pullback for profit taking hitting a resistance at 2.1 dollars.
Looking at volumes seems like this is a flag of the initial pullback from ATH.
Volume has been very weak to sustain this price increase and we had solid volumes on the way down, signifing profit taking and the start of a short term correction
Indicators show a similar bearish trend developing:
- PPO still pointing down
- Stoch shows momentum still on the bearish side but has crossed bullish
- RSI sloping down
- CCI is sloping down, a bounce off the 0 line could signifiy the correction has exhausted and a push to higher
- MACD has a weak cross with histogram sloping downwards
As per many other cryptocurrencies we see an uncertain outlook with bearish bias.
The overall sentiment is driven by the bitcoin price that is ranging at the moment and a confirmation of any trend in alts will be driven by BTC price action. Keep an eye on it.
Trade Safe.
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Rising wedge broken
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Pattern developing