IOTA has had a long decline from its last ATH. It has broken through two support lines (now resistance).
It has reached the lower line of the trend channel. But due to volatility one has to expect that it could cross the trend channel first and return beyond this line.
Also I see a chance that the price will turn soon and try to break through resistance at 3.57$ (fib retracement 61.8%).
At the moment the dynamic is weak, not much momentum.
The last test has been attended with more volume.
Presently the risk for falling prices is bigger than the chance for rising prices.
Nevertheless a brief watch could be gainfully.
Buy above 3.65 (if momentum is strong, RSI and MACD positive, volume rising)
Stop below 3.30 if not already done.
I always recommend to wait at least one candle or bar within 4 hours to confirm the trend.
It has reached the lower line of the trend channel. But due to volatility one has to expect that it could cross the trend channel first and return beyond this line.
Also I see a chance that the price will turn soon and try to break through resistance at 3.57$ (fib retracement 61.8%).
At the moment the dynamic is weak, not much momentum.
The last test has been attended with more volume.
Presently the risk for falling prices is bigger than the chance for rising prices.
Nevertheless a brief watch could be gainfully.
Buy above 3.65 (if momentum is strong, RSI and MACD positive, volume rising)
Stop below 3.30 if not already done.
I always recommend to wait at least one candle or bar within 4 hours to confirm the trend.