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Technical Analysis of IOTUSD (IOTA) April 01, 2019


IOTA is a popular cryptocurrency for this market. But, the feeless microtransactions shows little signs towards a bullish price recovery. Let’s do a top-down analysis of this crypto, paired against the USD and see the patterns driving the current price cycles.

Technical Analysis of IOTUSD

IOTUSD: Monthly Chart

Technical Analysis IOTUSD  -Monthly Chart

The rush for cryptocurrencies in 2017 led to IOTA trading at its highest high of 1MIOTA to $5.80. All hope for a further rise in price was nullified after a bearish inside bar was signaled on January ’18, which led to the price crashing down by 88.30% from the inside bar.

As the bearish trend continued, the monthly chart continued to trigger bearish price patterns in the form of bearish accumulation on July’18, and September ’18 respectively.

IOTUSD: Weekly Chart

Technical Analysis IOTUSD -Weekly Chart

A view from the weekly time frame highlights a buildup of the 2018 bearish trend. Beginning with a bearish accumulation pattern on the 18th of December ’17. Later followed by a breakdown of bullish accumulation on the 15th of January ’18. The pair from the collapse of bullish accumulation plummet by 92.2%.

Further patterns along the bearish trend triggered as a bearish fakey on the 07th of May ’18 and a bearish accumulation triggered on the 16th of July ’18, offered opportunities to scale into the trend.

Unlike the monthly chart which shows no clue towards a bullish price recovery, the weekly chart triggered a bullish regular divergence on the 17th of December ’18, followed by a more recent bullish accumulation pattern on 25th of February ’19.

IOTUSD: Daily Chart

Technical Analysis IOTUSD - Daily Chart

Following a breakdown of bullish accumulation on the 14th of November ’18, selling was also on the increase as triple bearish accumulation was triggered on the 17th of November ’18 for a 52% price decline. Another breakdown of bullish accumulation was triggered on the 30th of November ’18. It was for a 28.6% decline that later transitioned into a bullish regular divergence on the 16th of December ’18.

The bullish divergence pattern shot price upward by 76.2% before yielding to a bearish accumulation and dead cross of the MACD oscillator, for an opposite 34% price decline.

The current and significant pattern on the daily chart of the IOTUSD is the breakout of bearish accumulation on the 13th of March ’19.


Technical Analysis IOTUSD - 4-Hour Chart

The above 4hour time frame started with a bullish hidden divergence with early confirmation from a breakout of bearish accumulation. It was a rollercoaster from that point on as price struggled to break out into a 13.8% rise. Then, the later collapse by approximately 6.5% after a breakdown of bullish accumulation on the 16th of March ’19 12:00.

An update to the above 4hour chart is shown below at the conclusion as the pair signals a bullish hidden divergence in combination with a bullish accumulation pattern on the 26th of March ’19 12:00.

Conclusion and Projection

In the event of a bullish price close within the high-low range of February, the monthly chart of IOTAUSD will trigger a bullish accumulation pattern, which will be the first on that time frame, and may support the bullish campaign pushed by the lower weekly, daily and 4hour time frames.

It’s also worth mentioning that the bullish divergence pattern on the weekly time frame was confirmed by an early breakout of bearish accumulation on the 17th of December ’18, with strong support at 0.2051.

Lastly, for as long as the bullish accumulation supports of 0.270 and 0.2863 is not violated, we should look forward to a continuation of the bullish trend and projection of 0.9150.

IOTUSD: 4-HOUR Chart Update

Technical Analysis IOTUSD - 4-Hour Chart Update

IOTUSD Close Caption of the Weekly Chart

IOTUSD - Close Caption Weekly Chart

Feel free to go through the rest of our Technical Analysis in our blog!

Some of the Technical Analysis posted in March were:

Technical Analysis of BNBUSDT – March 22nd, 2019

Technical Analysis of EOSUSD March 22, 2019

Technical Analysis of ADAUSD (Cardano) April 01, 2019

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