Iota (IOT/USD) Analysis December 21, 2017
The key lies with last week candlestick. History has a way of predicting the future and if you doubt, then maybe we can use the collective intelligence of Augur, the market predicting platform. Right now, IOTA is hot and even though we cannot be sure of future prices, IOTA is over-valued.
In 6 short weeks, we have seen this multi-level resistance break and close above that may well hint of a pump. Is it then a pump and dump? Or a real value instigated rally…we have several companies involved and if you are reading this then probably you are in the trade.
I want you to open your eyes and see those long upper wicks aside the whole bear candlestick above the upper BB. Those are the “sentinels” from the Matrix movie here to draw blood. Run for the exit or sell. Better be safe than hang on and lose sleep.
In the 4HR chart, it’s easy to see the double tops. They look beautiful for sellers aren’t they? Other than that, zoom in closely and look at the whole candlestick that formed above the upper BB. Then look at the stochastic window. Stochastics are mixed but a sell signal is there at the overbought territory.
I cannot say they are making a U-turn like ideal reversals but at least they are confirming those bear candlesticks. I won’t ask you to jump in now but I want you to be patience. The plan is this, after today if bears drive IOTA prices below the middle BB then we sell.
If they don’t and there is a rebound from the middle BB then we stay on the sidelines. Alternatively-and this is perfect for conservatives, wait until prices trickle down below $3.3, that’s the base of this horizontal consolidation between $5.5 and $3.3.