$IOTA/USDT 1D (Binance Futures) Falling wedge breakout & retest

Nov 3, 2021

Internet Of Things Application is pulling back to demand zone, retesting 50MA support, seems like a nice place to start a swing!
As its name stands, this is an IoT project also available of BSC, more information on iota.org

Current Price= 1.3333
Buy Entry = 1.3424 - 1.2540
Take Profit= 1.6873 | 2.2630 | 2.7920
Stop Loss= 1.0753

Risk/Reward= 1:1.75 | 1:4.33| 1:6.7
Expected Profit= +29.97% | +74.32% | +115.07%
Possible Loss= -17.17%

Fib. Retracement= 0.702| 1.117 | 1.414
Margin Leverage= 1x
Estimated Gain-time= 3.5 months

Dec 4, 2021

Trade active

All entries filled

IOTA bounced on 200MA surviving the correction and is now heading back up, way to go!

Dec 4, 2021

Note

Up to +20.84% (1x) so far

IOTA is pushing higher again, let's see if we can reach some target soon!

Dec 4, 2021

Note

Deeper analysis

As you may know, we mostly use logarithmic scale to chart and trace Fibonacci levels, but sometimes linear scale can also help confirming a view.
We can see that the falling wedge was clearly retested twice and bullish continuation is in play now!

Dec 4, 2021

Trade closed: stop reached

SL hit with -17.17% (1x) and -1R

After almost reaching first target with up to +28.38%, IOTA decided to retrace down big time, not cool.