Home / Crypto Currency / IOTA Technical Analysis for 04/11/2018 – Watch Out for a Wedge Breakout!

IOTA Technical Analysis for 04/11/2018 – Watch Out for a Wedge Breakout!

IOTA is trending lower to bitcoin still, moving inside a descending channel on the 1-hour chart but looking ready for a test of resistance. If the top around 0.00015 holds, another move towards support at 0.00013 could be seen.

The 100 SMA is crossing above the longer-term 200 SMA, though, so the path of least resistance could be to the upside. In that case, bulls have a chance at pushing past the resistance and spurring a reversal from the downtrend.

Stochastic is pointing up to show that buyers have the upper hand but this oscillator is in overbought territory already. Turning back down could draw sellers in, leading to a dip to the bottom of the channel or at least the mid-channel area of interest. RSI is on the move up so there may be some bullish pressure left before sellers return.

Againts the dollar, IOTA is in a falling wedge pattern and could be due for a breakout soon. Price is currently testing the resistance and a move past 1.000 could lead to an uptrend.

However, the 100 SMA is below the longer-term 200 SMA on this time frame to signal that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break, sending price back down to support.

Stochastic is moving up but also dipping into overbought territory to signal weakening bullish pressure. RSI has some room to climb but could also bring sellers back in once it reaches the overbought region.

The wedge pattern spans 0.900 to 2.200 so the resulting break could lead to a move of the same magnitude. The dollar has a few catalysts lined up, namely the CPI release and the FOMC minutes. PPI data beat expectations so there’s a strong chance for an upside CPI surprise. Meanwhile, hawkish FOMC commentary could also shore up the dollar versus IOTA.

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After leaving his position as an executive at Steven Cohen’s Point72 hedge fund, Travis Kling decided to start his own crypto-focused fund. This was a big and bullish announcement back then, but it still wasn’t enough to save the crypto market, which crashed only a month later. The following nine months were almost completely ruled by the bears, which has brought a lot of damage to the crypto world. Still, according to new reports, Kling has never given up on this project, and it seems that he will finally be ready to launch the new hedge fund over the next month. The dates have not been set yet, and it is possible that the fund’s launch will be as soon as in about two weeks. Former Point72 Manager Plans the Launch of His Own Crypto Fund The fund has been expected for a long time now, and according to what is known, it will be based in Delaware. Some reports even managed to find out that the name of the fund will supposedly be “Ikigai”. While nobody known for sure when the fund’s launch is actually going to be, it is known that it will happen in October. At first, the fund will be backed by a certain amount of capital that Kling’s unnamed partners have invested. However, later down the line, after the project starts its development properly, Kling plans to search for additional investors. Additionally, he will also add $15 million on November 1st, according to the reports. Eventually, by the time the mid-2019 arrives, Kling hopes that the fund will grow and expand to around $100 million. He even expects Ikigai’s venture branch to rise to $33M in capital invested. As for the foreign investors interested in the fund, they will be capable of allocating capital through investment vehicle based on the Cayman Islands. A Multi-Trillion Asset Class? During one of his recent interviews, Kling stated that he truly believes in the project, as well as the concept, and those willing to back it. This, more than anything, indicates that the project is more than just an attempt to generate large profits. Kling stated that he expects this to become a multi-trillion asset class that will expand to touch everyday life. He stated in an interview: It’s still very early, but the development and growth of this technology will be exponential. The firm will have a 13-person team that is said to be located in Los Angeles, while the fund will seemingly follow the regulations implemented by the Delaware government. Many believe that Ikigai’s launch will come on October 1st and that most of the allocated capital will remain in cash, at least at first. This is due to the fact that the investors are still trying to find a secure way into the crypto world. The post Institutional Investor: Crypto Will be Worth Trillions, Launches Hedge Fund appeared first on NewsBTC.

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