IOTAUSD (IOTA) Cycles, Tigers & No Bears, Oh My!
Updated
IOTAUSD 2018-0419 12:49 a.m. EST. Mansfield
Hola trader friends! Looking around cryptoland, it's easy to see that many of the main cryptos were kicked off “Down Channel Road” or thrust out of “Falling Wedge-ville. Ah, but they moved up to greener pastures!
If you missed the many easy breakout around cryptoland, I have a pending buy setup, so take a look at IOTA. It’s a favorite of mine because:
• It’s completely decentralized and is not mined in a traditional sense. Instead, IOTA utilizes the individual computing power of its user's base phones or computers, not dedicated mining farms, to hash and record transactions. You validate your own transaction once you have validated two other transactions within the network/tangle.
• It is virtually infinitely scalable.
• It can currently supposedly handle 1000+ transactions per second (TPS). Some say it will eventually provide many more TPS. Ripple can supposedly do 1500/tps but it’s a more or less a centralized technology that is your banker’s potential best friend, not the typical crypto crowd’s favorite structure, even it if can make them greener. Meanwhile, Bitcoin can only do 7/tps, with Ethereum at 300/tps.
• ITOA is feeless! Why? Because it relies on a new machine to machine transaction protocol via the IOTA Tangle (think blockchain without traditional blocks) that uses a form of Directed Acyclic Graph (DAG=tangle) technology, that looks like an AI neural net schematic.
• Offers offline transaction.
So what is the catch? What do you think? We would love to hear your opinions.
SITUATION: IOTA exploded upwards from it’s falling wedge-AKA diagonal triangle-and granted cryptoland a captivating 75% move off the low! IOTA looks like it is currently just hours-perhaps 1-2 days before the top of its first wave up (labeled 1, medium blue line). After this quick sideways (now?) to lower correction, there will be an opportunity to reenter the likely new uptrend (even if it is a large retracement of the crash) near the upcoming minor Wave 2 low. This buying opportunity will likely be 3-8 days after the Wave 1 high. If this 1st leg ends up with 5 waves, which seems to be the case, then we will very likely be in a new trend phase up, not just a reactionary bounce. (Also see my EOS charts for the pre-breakout trade and cycle and wave projections.)
TRADE IDEA: Consider buying ITOA into the pending Wave 2 pullback. After the W2 low, we should see at least one more wave up, even if this is just a correction of the crash.
The up move looks impulsive so far, so we should see two more up waves to around 3.10 (w3 area) and 3.65 (w5 area, a 62% retracement). We could possibly see 4.40 (a 78% retracement). So consider being a tiger on this one.
Note, that this 5 wave up sequence will likely be a just a larger Wave 1, meaning more to come if this wave count is correct.
CYCLES: Note that the longest cycle (blue) is the dominant cycle, as such, it will typically override the other cycles. The best situations arise when two or more of the cycles are heading in the same direction. Choppy markets occur when cycles are out of phase with each other. I have deleted a longer and medium-term cycle for clarity. And, there are other cycles as well, but I think these are the ones to watch for now.
The market popped up right on schedule with the longer-term cycle low! The short-term cycle (pink), medium cycle (green) and the longer-term cycle (blue), are currently moving up together with the two shorter-term cycles topping soon. The current medium-term cycle (green) is topping within 24 hours, while the short-term pink cycle tops 3-5 days later, so be ready. However, because the long-term cycle recently turned up, the Wave 2 correction could be brief or sideways as it has traded recently.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Hola trader friends! Looking around cryptoland, it's easy to see that many of the main cryptos were kicked off “Down Channel Road” or thrust out of “Falling Wedge-ville. Ah, but they moved up to greener pastures!
If you missed the many easy breakout around cryptoland, I have a pending buy setup, so take a look at IOTA. It’s a favorite of mine because:
• It’s completely decentralized and is not mined in a traditional sense. Instead, IOTA utilizes the individual computing power of its user's base phones or computers, not dedicated mining farms, to hash and record transactions. You validate your own transaction once you have validated two other transactions within the network/tangle.
• It is virtually infinitely scalable.
• It can currently supposedly handle 1000+ transactions per second (TPS). Some say it will eventually provide many more TPS. Ripple can supposedly do 1500/tps but it’s a more or less a centralized technology that is your banker’s potential best friend, not the typical crypto crowd’s favorite structure, even it if can make them greener. Meanwhile, Bitcoin can only do 7/tps, with Ethereum at 300/tps.
• ITOA is feeless! Why? Because it relies on a new machine to machine transaction protocol via the IOTA Tangle (think blockchain without traditional blocks) that uses a form of Directed Acyclic Graph (DAG=tangle) technology, that looks like an AI neural net schematic.
• Offers offline transaction.
So what is the catch? What do you think? We would love to hear your opinions.
SITUATION: IOTA exploded upwards from it’s falling wedge-AKA diagonal triangle-and granted cryptoland a captivating 75% move off the low! IOTA looks like it is currently just hours-perhaps 1-2 days before the top of its first wave up (labeled 1, medium blue line). After this quick sideways (now?) to lower correction, there will be an opportunity to reenter the likely new uptrend (even if it is a large retracement of the crash) near the upcoming minor Wave 2 low. This buying opportunity will likely be 3-8 days after the Wave 1 high. If this 1st leg ends up with 5 waves, which seems to be the case, then we will very likely be in a new trend phase up, not just a reactionary bounce. (Also see my EOS charts for the pre-breakout trade and cycle and wave projections.)
TRADE IDEA: Consider buying ITOA into the pending Wave 2 pullback. After the W2 low, we should see at least one more wave up, even if this is just a correction of the crash.
The up move looks impulsive so far, so we should see two more up waves to around 3.10 (w3 area) and 3.65 (w5 area, a 62% retracement). We could possibly see 4.40 (a 78% retracement). So consider being a tiger on this one.
Note, that this 5 wave up sequence will likely be a just a larger Wave 1, meaning more to come if this wave count is correct.
CYCLES: Note that the longest cycle (blue) is the dominant cycle, as such, it will typically override the other cycles. The best situations arise when two or more of the cycles are heading in the same direction. Choppy markets occur when cycles are out of phase with each other. I have deleted a longer and medium-term cycle for clarity. And, there are other cycles as well, but I think these are the ones to watch for now.
The market popped up right on schedule with the longer-term cycle low! The short-term cycle (pink), medium cycle (green) and the longer-term cycle (blue), are currently moving up together with the two shorter-term cycles topping soon. The current medium-term cycle (green) is topping within 24 hours, while the short-term pink cycle tops 3-5 days later, so be ready. However, because the long-term cycle recently turned up, the Wave 2 correction could be brief or sideways as it has traded recently.
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO
Trade active
IOTAUSD pulled back to just about the time I expected, although it was a shollow pullback, as has been the case with many token movements lately. This tends to be a bullish sign. Now we would therefore expect the upper targets to be hit or exceeded because of the shallow retracement. As I mentioned in the original post, we should see up waves to around 2.95-3.10 (w3 area) and 3.65 (w5 area, a 62% retracement). We could possibly see 4.40 (a 78% retracement). Now I will add that $6.00 is possible. Let's see how the wave structure looks around the $3.00 area. Thanks for your kind likes! Mike Mansfield
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