Whats up traders, here we have IOT/BTC on the 1H chart.
Price recently retested a key support level, before bouncing off the lows. The test was successful, and price is now moving nicely to the highs.
Price is currently having a nice move away from support. I believe that price needs to have a retest before considered a integral up move.
Our target is based on analyzing previous structure highs. Our target is at the same level as previous swing high at 0.00047. This move is more than possible.
With the above in mind, I am going to wait for a successful retest on the support zone once more, before I become a buyer.
If price does not retest the support zone again, I will seek a buy if the right set up occurs. But I still believe the odds are improved on a structural retest.
I will update this analysis as the trade progresses.
If you have any questions/queries, feel free to connect.
@TomProTrader, hello! You are in trading a long time and I can't but ask you about the keeping it long for 3-4 month, are you seeing any perspectives and making bets on long trade for this coin? (Should it been in coins & tokens investment portfolio?) Thank you!
TomProTrader
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@kwarty, Due to the sheer volatility of Crypto based assets in general, I don't like to hold onto them for the long run. I am more optimistic about "buy low sell high" strategies, since we can offset the volatility by taking calculated risks.
For example, if I buy a dip, I am buying low (Even if stopped out) and if it does go up, I only get the "best part" of the move, not all the sideways corrections range bound price action etc.
To answer your question, a long hold could be feasible but only if you use the strategy above. Any other is lengthy, and risky.
kwarty
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@TomProTrader, Thank you, Tom, for sharing the thoughts! The regulation by laws will also effect on correction in this BTC dependant market. I have choosen some of "monsters' in market capitalization with low price and discover their activity in conferences, meetups to decrease the risks and also don't FOMO as it was nearest past with BTC prices (with the words like: "why I did not bought it in 2014" and then 2015, yesterday ... ;D )
+1 on waiting for another retest of the support. I think it's likely to happen.Price just reverted at the 50% Fib of the previous rally and is going back down towards the 61.8% which is inside the support zone.
TomProTrader
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@cryptonoob2017, Well spotted. I also noticed this. It just further assures us that the support zone below is a reliable launchpad for upside move.
Thanks for sharing.
cryptonoob2017
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@TomProTrader, you're welcome. Thanks for sharing this chart. A screenshot of mine with the fib levels is available here: (15m, MACD, RSI)