Two near term bullish scenarios for IOTA

16 בדצמ׳ 2017

IOTA recently jumped up on news-that-may-not-have-been-real-news. That doesn't mean, however, that it's about to die. There is some strong resistance it's bumping up against right now, (black line) but what fascinates me is the support. If it continues to fall in a descending channel(green support line), I believe we'll see a price jump at some point in the next week to ten days in the neighborhood of $7, where I suspect we'll hit resistance again. If, however, it continues through the weekend to get squeezed into this pennant pattern (blue resistance line) I think we'll see a jump up to the $7.75 - $8.00 range, sooner rather than later. Of course, any significant move below support changes this outlook. This is still an early look after a significant increase. I'll be watching closely. Overall, however, I'm long.