Iota (IOT/USD) Analysis October 19, 2017
Iota had a slightly positive session on Wednesday, as we continue to see bullish pressure. Ultimately, the market should continue to reach towards the 0.50 level, which has offered a bit of resistance. Short-term pullbacks are buying opportunities, as the 0.44 level underneath is likely to offer support yet again. Iota overall is slightly positive, grinding somewhat sideways, but still looks as if the buyers are in control overall. It’s not until we break down below the 0.40 level that I would become concerned about the uptrend that I believe will continue. The meantime, it’s probably best to buy little bits of Iota every time we pull back, in a bid to build up a large position.
On the breakout
The breakout, I’m more than willing to become much more aggressive, so above the 0.51 level, I would add rapidly as we continued to rally. The market breaking out would be a very bullish sign, and should bring in fresh new money for Iota traders. This would be a clear breakout, and have a lot of people looking to get involved. I think this happens given enough time, but obviously in the meantime you can build up a position slowly. On the other side of the token, you could see a breakout, but that isn’t until we get below the 0.40 level that I would become concerned. Once we do break down below there, the market will probably go looking towards the 0.35 level after that. However, that seems to be very unlikely, as the Iota traders have been very resilient over the last several weeks as the choppiness has been a bit of an issue. Because of this, I believe that eventually the buyers will get their way, but in the meantime, you’ll have to be able to deal with a bit of volatility.