blueqrypto

IOTA - Time to go?

Long
BINANCE:IOTABTC   IOTA / Bitcoin
IOTA has been trading sideways for some time since it recovered from the retrace from the run to ATH .

The prevailing trend should triumph and push the price out of the pennant . In this event, we have an immediate test of the 33k recent resistance level . Provided we break above this point, we will see it move onwards to test the ATH resistance. I don't think we break it on the first attempt, however we should establish a new support level at 33k - we may see some further sideways trading until the prevailing bullish trend pushes us up and over at which point we will see a bullish push to a new ATH .

Bullish push confirmed by breakout of 30k sats

Entry: 25k - 28k
Stop Loss: 20k (tighten to ~23k if you enter at the higher end of the entry range)
Target: 78k

RR = 9.55


Good Luck

Comments

As much as I like the sound of it 78k seems rather ambitious. Will be watching this one play out.
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blueqrypto isellbitcoins
@isellbitcoins, fair - but I should have noted that this is not a 'crypto trade' (coming to fruition in the next 48 hours). Over the next couple of weeks I expect to reach 0.786 extension at which point I will take profits and wait for the wave 4 bounce to reload my position. 78k is ambitious but it's also a longer play than most in this space are patient enough to realise.

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