calcie
Long

IOTA upside break

BINANCE:IOTABTC   IOTA / Bitcoin
IOTA has been relatively silent lately. However it just broke quite strongly to the upside and has some fairly large profit potential.

As you can see, it has returned to its long-term trendline , and made a bullish break of its recent bear trend with volume . Plus their new trinity wallet (beta) is released on January 31st. The signs are lining up for a nice bull run.

Entry: Now, or after a cool-off period.
Price targets:
  • Target 1: 27.5K (275K satoshi)
  • Target 2: 34K (340K satoshi)
  • Target 3: 45K (450K satoshi)
Stop Loss: 20K (200K satoshi)
Trade active: We haveeeeeee liftoff!

Note: Trade entered at 22500 (225K satoshi)

snapshot
Trade active: Well Tether screwed us all, didn't it?

We're safe in this position unless we lose our lower support line, as shown here.

snapshot


Given that IOTA still has big news coming out, you have three options (assuming you're currently long)

1. Sell at a slight loss. Since we haven't broken support this seems premature.
2. Swing trade the channel. Defnitely doable but you might miss any pump that occurs on news.
3. Hold by the original strategy.

Personally I'm sticking with 3, unless volume is super weak at the top of the channel.
Trade active: It's starting to look like IOTA is following this ascending trendline:

snapshot


In which case this position is still a solid long, and we're at a good point for re-entry if you sold the top.
Order cancelled: Forgot to update this trade... When the BTC market started its final leg down I pulled into fiat and bought back around $7,000 levels. Currently I am no longer in IOTA.

Lesson learned: Don't go into alts when BTC isn't finished dying.
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