The comments are in the chart. I started shorting, a small part.
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Forgot to comment the indicators, but they are pretty easy to understand right now.
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A zoom up. Shorting is risky now, wait for confirmation.
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Unconviced of shorting, here you have a bearish gartley reversal pattern.
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Breaking previous high will attempt to break ATH.
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Bull trap confirmed.
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My back pain is starting to get better which makes me think bears have won. First target 50% drop from the top, then will try again and probably fail and drop hard , buy back in 3 months for the next run.
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IOTA Broke down the Triangle some where looking at, it is in an ascending wedge and within a channel, in a critical spot. Good luck. It may be pumped desperately but ultimately it will not break through ATH, IMO. 5 USD is Selling Zone, Buy Zone at 3.5. I wouldn't short now, but sell to avoid losses, do not FOMO if there is a bull trap.
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Watch for the dip in the following days. Look at the first chart, you will see it's exactly at the point where if it breaks it drops from the 2nd ARC (I wrote 3rd ARC by mistake in that idea). It can go as low as 3, then will fomo up. and then when it breaks the other support if it doesn't penetrate the arc, it will go to 2 usd. and if it breaks 1x1, it will drop like a rock. Good luck.
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If you have balls, short untill 3. it will bounce hard and fail 4.2 or so, that will be a better short entry.
That's bullshit idea market is trending up no short!!
Vold316
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@999Levin, If it breaks up the triangle it may try to break ATH, and if it does it will continue going up. Short only a very small part, it's risky, close if breaks up. :)
@999Levin, sorry, if it may seem a silly question. I'm new to trading, and would like to clarify what you mean when you say shorting, do you mean just selling to avoid losses? because I know of the term shorting when a trader borrows stocks and sells when prices are going down, and then buys back when price is low and returns the stock. Is it the same in crypto? or in your case you are just selling your own coins and buying back at a lower cost. Thank you!
Vold316
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@KristinaMV, Not selling, entering a short position. You can do that in some exchanges, for IOTA , bitfinex.
miketimoff
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@Vold316 are you a US resident ? I'm a us resident and would like to use bitfinex, but the site says they do not deal with individual US resident accounts. I still log in into bitfinex, but not sure if it will allow me to trade with usd.
Vold316
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@KristinaMV, I'm not from US, and I'm shorting IOTA right there. If you want to short it use bianance I guess, if you want to long it, I'd advice you not to. The fake news about the partnership with microsoft is over.
miketimoff
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@Vold316, so you think it will keep going back down? i have some for 2.44 and 1.77, but bought more for 4.35 - so would you be selling at this point or just keep long term...
Vold316
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@KristinaMV, Some people think it might go to 7 usd. But that's just 2x, in your case. If it drops from this point it can easily get to 3.5 and then try to go up again but will be another unsuccessful run, Ethereum is the coin I'm watching now, it just broke ATH after a lot of consolidation, and there are others that look promising that may rally like LTC did.
miketimoff
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@Vold316, what others are you looking at? i bout eth this morning, and some dash. what other smaller ones do you think might go up? do you think btg has any hopes?