IOTA (MIOTA) Crypto – Technical Analysis After Breakout! What´s Next?
I want to talk about iota. I did a video or i made a video on iota on the 24th of august and i said that a breakout is imminent and you can check that video on my channel if you want to but yeah pretty much now like a week later, we had that Huge breakout, im very happy. I didnt sell any of my iota and in this video we want to talk about what actually happened, and is this going to continue so stay tuned iota? Obviously, hasnt really has frustrated. I think a lot of crypto investors um, because in this bull run it hasnt really been that strong, especially here since the 21st of august and what we can see here. We had that slight uptrend. We hadnt really had here double top here, so a little bit bearish and we havent really seen major trends to the upside. I mean look at that not a very steep trend. This one was, however, we have suddenly seen that huge peak. So what this has changed? This has changed something for iota, so this big boost has changed something, and it basically means that iota is now, i would say officially in an uptrend again, and we can see that candle closed even at the daily candle closed, even at like 180, 181. So thats very powerful because it hasnt lost um all of these gains, no maybe like 50 percent again um or 40, and we can check that later but um.
You know weve seen these huge pumps before i mean look back here that was february. Weve seen these huge pumps before and basically then we had a continuation to the upside. I mean this is very strong and very bullish. There is not um, not at all bearish. I mean yeah weve, seen a small red candle here, comparatively small red candle purely profit. Taking in my opinion, um when we hit that psychological two dollar mark, because you can see here the upper shadow that we really went to the two dollar mark but of course the psychological one – there was a rejection here, but dont forget this year. Weve already seen um 250, maybe even a little bit higher, so thats very powerful. In my opinion, this was obviously too fast, yeah, so um we can go into a little bit more detail in a minute, but if we can take a look at all these indicators, i mean were above the 200, the 20 and the 50 day moving average very Powerful uptrend, we can see that the stochastic is pushing up, so price is pushing up. Yes, its lost a little bit today because of the red candle, its consolidation, the because of that pump the macd has made a bullish cross. We are also above the um, the you know. The um histogram is green. I mean weve made that um the macd line hit the went above the zero line already on the 30th of july, so i mean that was bullish already.
But now this bullish cross is very powerful and i mean that huge pump and also the one reason. Probably why were dropping a little bit. We went obviously into the overbought range on the um on the rsi and we did it too fast. So you know absolutely bullish. All the indicators push you know showing to the upside. What id like to do is have a look at the four hour chart because then often we can see a little bit more. I mean, if you know my channel, if you know me, im a long term holder generally long term investor, but still its more fun to take a look at the shorter term. Time frames its a bit more dynamic and most of you guys want to know whats going on. So what you can see here. This is obviously since since yesterday, since the 1st of september, when it started to pump here and then it was of course yesterday where we saw that huge pump from pretty much 140 to 180 and nearly even two dollars, but then weve lost a little bit. So um, what we can see is very beautifully that this trend has finally gained strong momentum, typically for cryptos what we can see. In my opinion, this is a bullish, pennant or bull flag. Some people call it because what we can see here, strong trend to the upside were in an uptrend clearly, and this is a trend – continuation pattern.
Typically, we see that the price is not consolidating towards this apex. Another breakout is imminent. I mean that could also go to the downside. Dont get me wrong. Um. These dont always go to the upside, but it is a trend. Continuation pattern, typically a symmetrical one, typical consolidation and the trend should continue its not that we move towards any horizontal support level. Here also where it then is more likely to drop to the downside. No, this is a symmetrical triangle. I expect here further moves to the upside, especially as weve already seen the two dollars. Yes, it was rejected, but weve seen them um and now, i think, probably in the next few days, we should continue that move to the upside now theres. Obviously a lot of profit. Taking now on the four hour chart here, we can see very nicely that we make higher lows on the stochastic indicator. This is very powerful as well. Yes, the macd is maybe is well. We can see here a maybe um. You know a trend reversal here to the downside again, but that again thats only because we have this more consolidation now and were moving out of the overbought territory on the four hour chart, which is good as well, so that consolidation just needed to happen. But um yeah we can see that that pump has really helped us into an uptrend, because also here we really have been trading sort of around this cluster of moving averages.
You know end of september end of august, beginning of september, but weve now pushed to the upside and the price action tells me this is going to continue weve seen huge great green candles. You know um. This is a clear uptrend, above all, moving averages and if you compare it to other cryptos iota, just had a lot to catch up, so i think this is going to continue. I think it wont take very long um. That is why im not selling my iota. I think i dont want to do any profit taking at the moment, i think im gon na stick with it um. I think that pro this pro these projects here that iota is working on. They have a lot of potential um theyre involved in quite a lot of things, and you know, internet of things is the future automation of everything and um. This project is convinced me from a fundamental point of view. There are a few difficulties, i must say, with the team. I think a few people. There is a bit of discussion amongst the team ive heard and they have some difficulties between them, but anyway, the project is good in my opinion, and the price is just now catching up where it needs to be because other cryptos have already gained that crazy price Increase – and i mean if we compare that um lowest point here – maybe with the one dollar level that cardano had carano has now tripled – is at three dollars um and from this 50 cent level.
Here i mean weve already tripled now, so we are pretty much at the 150 160 level. However, cardano has already made a new all time high and were pretty far away from that um with iota. I mean even this year, weve made um 270, so im not actually sure what the overall all time high is, or that was the overtime i dont think so, but um still im looking at at this year now and if we go to the um to the Weekly needs a moment to catch up, oh its actually not on this chart, but it doesnt matter so um. Just looking at this year, really um 270 were not there. Yet we are far away from it and um. I think thats about to catch up whats currently forming here as well. I mean what we had probably was: maybe even something like a cup and handle not very clear, and this is now playing out and yeah. I think what i said looking very bullish still. I think there might be a bit more consolidation, but were moving towards that apex of that triangle, that i showed you and there should be further moves to the upside. That is what i expect theres still a lot to catch up. I think, and that is why im not selling my iota, i might actually add a little bit more um if the price drops further, but if it goes up, i just stick with it all right.
Let me know if you own any iota if you want to sell, take profit or whatever, and i hope you like that update. If you did, please smash the like button and if you want to follow me on this crypto journey.