IOTA - Capitulation or Dead Cat Bounce?
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Upon the collapse of BTCUSD from $8000 all the way down to 3.5k, IOTABTC almost broke its critical daily support at 0.00002100 BTC but managed to bounce back forming a V-shape capitulation bounce on the 1h timeframe. This strong V-shape bounce on the 1h timeframe is bullish in the way that it managed to close the 1D candle above the daily support showing us that there are indeed buyers here despite the fear.
TD 9 is also formed on the 1D as well as the 3D chart indicating a buy signal here. Whether IOTABTC and other alts will go up in the future really depends on BTCUSD at the moment, but as of now, I think this is a great spot to buy offering a great risk to reward ratio.
TD 9 is also formed on the 1D as well as the 3D chart indicating a buy signal here. Whether IOTABTC and other alts will go up in the future really depends on BTCUSD at the moment, but as of now, I think this is a great spot to buy offering a great risk to reward ratio.
Note
Entry: 100% at 0.00002260 BTCNote
Will do a manual Stop Loss depending on today's daily close.Note
Daily candle managed to close above 0.00002141 horizontal support. Quite bullish given that a hammer candlestick is now formed on the 1D as well as 1h showing buyers are interested despite the high volume dump in one single 1h candle.
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