DanRudolf

Divergence and Double Top

Penjualan
BITFINEX:IOTUSD   IOTA
This rally has been seeing massive volatility when approaching its highs and lows with huge candle tails for the last 48 hours even down to the 5 minute level, and there is a crystal clear double top pattern forming on the 15 minute chart. It's so quickly overbought that the 1 and 4 hours charts provide almost no useful information about the rally. A huge MFI bearish divergence over the last few days means the volume isn't undergoing a healthy increase, new buyers are just paying a lot more to jump in the rally. Its possible that jump in buyers will keep it going up for a few more hours or days, but at this point theres far less downward resistance than up. Given how high and unexpected the profits are, coupled with the divergence, the selling frenzy is likely to be massive. Its also important to note that this rally formed purely from a speculation around the Microsoft IOT partnership. There were really no specifics on how it would be used and what it would be worth so this rally was fueled by short term profit hunting and not sustainable value growth.
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