IOTA: Relief Rally against BTC. What are the next resistances?
As Bitcoin got another punch yesterday, Alts started to rally against Bitcoin.
In detail this is what I see on 4H:
- The market got caught in a descending triangle in July which eventually led the price to follow a descending channel.
- At this time we also got a MA50/MA100 cross down shortly after. Notable is also that we got a MA50/MA100 and a MA100/MA200 cross down on the hourly chart while the price was in the triangle.
- RSI was overbought at the top of the triangle which supported the downward movement. Although following the downward channel, this led the daily RSI being oversold.
- MACD crossed down too when confirming the triangle with the down move.
The support on 2100 sats (or 0.25$) then stopped the downward movement (for now):
- The reversal got supported by a hammer candle stick, which is a bullish reversal candlestick pattern that mainly occurs at the bottom of downtrend.
- Price broke on the hourly chart trough the MA50 and MA100, now it is attacking the MA50 which is currently at 2100 sats.
- On daily, MACD may cropss soon up, and the RSI is abrely not considered oversold anymore.
- Price rallied about +12% since the bottom.
Now IOTABTC hast to face lot of further resistnaces to stop the bearish trend, amongst others this are:
- Resistance at 2800 sats.
- MA200 on the hourly chart
- MAs 50/100/200 on the 4 hour chart
- To stop the main bearish trend, a cross up of MAs on daily is needed.
This all can change vastly as BTC dominates this a lot.
In detail this is what I see on 4H:
- The market got caught in a descending triangle in July which eventually led the price to follow a descending channel.
- At this time we also got a MA50/MA100 cross down shortly after. Notable is also that we got a MA50/MA100 and a MA100/MA200 cross down on the hourly chart while the price was in the triangle.
- RSI was overbought at the top of the triangle which supported the downward movement. Although following the downward channel, this led the daily RSI being oversold.
- MACD crossed down too when confirming the triangle with the down move.
The support on 2100 sats (or 0.25$) then stopped the downward movement (for now):
- The reversal got supported by a hammer candle stick, which is a bullish reversal candlestick pattern that mainly occurs at the bottom of downtrend.
- Price broke on the hourly chart trough the MA50 and MA100, now it is attacking the MA50 which is currently at 2100 sats.
- On daily, MACD may cropss soon up, and the RSI is abrely not considered oversold anymore.
- Price rallied about +12% since the bottom.
Now IOTABTC hast to face lot of further resistnaces to stop the bearish trend, amongst others this are:
- Resistance at 2800 sats.
- MA200 on the hourly chart
- MAs 50/100/200 on the 4 hour chart
- To stop the main bearish trend, a cross up of MAs on daily is needed.
This all can change vastly as BTC dominates this a lot.
