Iota (IOT/USD) Analysis October 9, 2017

Iota analysis

Iota (IOT/USD) Analysis October 9, 2017

Iota had a slightly bullish session on Friday, as we reach towards the $.57 level again. This is an area that has seen a significant amount of resistance, but I think that given enough time we will break above that level and continue to go much higher. I think that ultimately the market should continue to see buyers on dips, and I believe that we are continuing the overall consolidation that sees resistance at the $.57 level, and then support at the $.51 level, which I would assume extends down to the $.50 level. Because of this, I believe that pullbacks give us an opportunity to pick up value, as Iota has been basing over the last several sessions. If we can finally break above the $.57 level, I think the market then goes to the $.64 level above, which had been resistive at the end of October.

 

Looking for value

 

I continue to think the traders are looking for value when it comes to Iota, and I also believe that the $.50 level will probably be a massive floor in this market. Because of this, it’s only a matter of time before the bullish momentum takes over, and we continue to grind to the upside. Ultimately, the volatility should continue, but I still believe that adding slowly and then of course a bit more aggressive once we break above the $.57 level is the best course of action as we can build up a significant amount of Iota to take advantage of what has been a very strong market in the face of quite a bit of volatility.

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