IOTA (IOTA) Market Update for Feb 5, 2019

Feb 7, 2019 --- Altcoins

Daily Chart

IOTABTC continues to consolidate inside of the OTE long zone on a mix of red and blue SCMR signals and a hodgepodge of candle formations while short-term market structure remains bearish and longer-term market structure remains intact, a recipe for more sideways action over the coming days before a resolution from this region. This is being confirmed by the moving averages which are all over the place, the dynamic resistance above the market and the long-term demand area below it, and the Ichimoku Cloud which is not very convincing, so we expect the 0.0000x - 0.0000x range to remain intact until further notice. That said, the momentum and volume indications remain favorable which is why we are keeping a slight bullish bias moving forward as long as the 0.0000x level holds. 


We we have activated a small LONG position off of the 0.0000xx level with a stop around 0.0000xx, an initial target of 0.0000xx, and a secondary target of 0.0000xx.