Episode Highlights:
- 00:09 – Changes In Iota Prices
- 01:10 – Iota Pullback Percentage Changes
- 02:32 – Impact Of Pullback On Iota
- 02:59 – Why I Recommend Coinigy
- 03:48 – How I Trade Based On Coinigy Trends
- 04:29 – Strategies On Trading Iota
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Transcription:
Man, this is the IOTA chart right behind me here. What’s up guys, it’s Dan from cryptocamacho.com.
00:09 Changes In Iota Prices
If any of you have been watching my videos or been trading IOTA in the last few days you have definitely been on very very wild ride as you can see here with the chart. Check this out I mean we went from all the way down at $1.30 all the way up to $2.91. We almost hit $3, didn’t quite get there. But nonetheless it was a fun ride wasn’t it. Hopefully all you guys got in way down at the bottom. I recommended this back at around $0.40, probably a little less than that. Hopefully, you guys got in at least a little bit before the $3 mark. There was a lot of room on the way up here with a couple pullbacks. Looks like we’re having a pullback right now which I expect to happen. It may actually even go lower this time around. Hard to say, it’s had a pretty good run up but it looks like it probably will go a little bit lower. So just be cautious at this point. But each time it’s gone down, let’s look real quick how much, let’s start down here.
01:10 – Iota Pullback Percentage Changes
Last time it pulled back at the very first, we had an 11% pullback. And then the second time, right up here. Let’s see let’s just write down; we have an 11% pullback right there. Then right here, we’ve got a 14.46% pullback, a little bit greater. And then, look at up here, we say about a 13.5% pullback. And then let’s look at this current one. It went up to $2.91 and now we’re down at about, let’s say there’s a 13% right there as well right.
02:32 – Impact Of Pullback On Iota
So let’s look at this chart for just one second here. So the last four times we’ve made a run up, there’s been a consistent 11% to 14% pullback, right. And I expect to see the same thing here although this likely will go down further than 13%. I don’t know that but I do suspect it will go down further because this was a very very very big run up that we just saw. And a lot of people are going to be selling to make their profits.
02:59 – Why I Recommend Coinigy
One other thing I want to show you guys you know how to read these charts. if you do use Coinigy, and I highly recommend Coinigy as I’ve always said because you could do things like this and draw on charts and change one hour to five minute charts so forth and so on. But I use these indicators, Stochastics. And if you don’t know what Stochastics are, hopefully I’ll make a video on this fairly soon. But basically what it does is it shows you the upward and downward trend in volume and price point together on a similar graph. And you can see the fluctuations up and down within that particular time period.
So all these bars up here are one hour each, if I zoom in here you can kind of see each bar is an hour. And this just takes this each hour. It doesn’t break it down by hours but actually puts it on a wave graph and shows you kind of the ups and downs on a line graph.
03:48 – How I Trade Based On Coinigy Trends
What I typically do is, I’ll follow this and based on the trend that I’m seeing, I’ll follow this when it’s going down and when it’s going up. And we’re definitely on a downward trend right here. We could definitely jump back up for a little bit but at some point we’re going to go all the way back down. And that doesn’t mean we’re to go down all the way here but it does mean that we’re going to go make a big pullback from the big gains we have had. I’ve seen this very very very often where there’s multiple gains right here, right up front and then all of a sudden there’s down trend. I’ve seen that alot. There are some right here, some right here – it happens actually fairly consistently right here. Eventually you do see a shoot down and it looks like we’re kind due for that here with IOTA.
04:29 – Strategies On Trading Iota
So you can also do this with fifteen minute charts and see in the next fifteen minutes are we on an uptrend or on a down trend. Looks like we’re on an uptrend in the next fifteen minutes. So if you could buy and sell within the next fifteen minutes you might be good. You know you may be able to get on the uptrend here.
So it really just depends on your strategy. If you’re looking at five minute charts, fifteen minute charts, if you’re going in this for the long haul, for the short term. If you’re going for the long haul I wouldn’t worry too much, it may drop a significant amount but it definitely will go back up and it’ll crack. Once it cracks the base down by about $2.17, it will go down a bit further and then it will bounce back up at some point. So just keep that in mind.
If you are in it for the long haul, I wouldn’t worry too much about it. if you’re in it for the short term and trying to get out in and out like doing day trading to accumulate more of IOTA coins like I do, then you definitely should be watching things like five minute charts, fifteen minute charts, one hour charts; things like that.
But if not, you’re still going to get position, there will be a pullback. What I plan to do is when the pullback goes more towards the bottom where I tend to see it going, I’ll buy back my IOTA coins down here. I mean I’m going to hold some just for the long term, I do have a set of my IOTA coins that I’ve just bought earlier on. Holding those just for the long haul. but some of the ones that I bought more recently kind of on the way up in this trend I would show you the actual arrows, the orders here but I cannot connect my Binance to Coinigy right now. For some reason I’m having an issue with the API. So sorry about that. but I will probably let this drop a little bit further then I’ll buy back a large chunk of IOTAs once we’ve fallen a bit further so I can accumulate a little bit more. So I’m just waiting.
This Stochastic right here for an hour, still definitely have a down trend. If we go to four hours too, you’ll see there’s still a down trend going on too. We have hit the top and now we’re come back down. If you look at thirty minutes, we could be going up for a little bit of time here. I don’t think it’s too promising, it may go up a little bit, you could see the volume shift there. Right there in the blue you could see that.
But anyway let me go back to a regular one hour chart. I think that’s easiest to watch these things. Keep an eye on it. We’ve been on a damn good run. If you ask me we’ve been on a very good run today and yesterday with IOTA. I wanted to give you an update on this, want to let you know what the price point is that right now and my thoughts on it. If you have how many thoughts let me know, would love to hear them.
I’m Dan from cryptocamacho.com and I hope to talk to you tomorrow. Again on the way up with IOTA. We will see. See you guys.
