zorino
Long

IOTA - a perfect buy level in the coming days/weeks

BITFINEX:IOTBTC   IOTA / Bitcoin
IOTBTC looks like a perfect buy soon. It has formed a falling wedge (red). It can still go lower to the all time lows @ ~0.000043 BTC and form a double bottom . If that happens, especially within the falling wedge it is a no-brainer for me. Watch for incresing volume in the next weeks. The target might be lowered if the upper line of the orange triangle acts as a very strong resistance.

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This is not a trading advice!!!
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Trade active
Trade active: Will this trigger the breaking up from the falling wedge?:
https://www.youtube.com/watch?v=RJH4J2KK...
Trade active: here we go
Trade active: breaking up
Trade active
Nope!
Reply
zorino steveme140
@steveme140, the idea is still valid. Still moving within the falling wedge
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I have the BTC pair at 0.000043-0.000041 by mid May and came to similar conclusion as you with your interpretation. USD wise it is IOTA at 0.173-0.18 as the final bottom. How do you see the USD price?
+1 Reply
zorino MichaelShutterbug
@MichaelShutterbug, it all depends on how IOTA will act once it will reach the resistance line of its downward channel formed since DECEMBER 2017. If it will be able to go over 0.41$ then 0.5$ will be probably very easy target. From above 0.5$ to almost 1$ it is a free way. Regarding the bottoms .20 and .15 will act very strongly.
Reply
@zorino, I am a fan of diagonals. Low November 2017 in IOTUSD log scale connected with the low in December 2018 leads to bottom at ~0.173 bitfinex by May 2x. I like this line. The upper resistance diagonal can be drawn parallel to this. I took the peak in April and and early January. You can extend this line to the past months and it gives a good orientation that the former steep downtrend is flattening out and it looks like the chart tried to form a new downtrend, more flat and more and more out of pressure. I expect breakout above 0.4 by Sept/Oct. Didn't like this pump. If we are lucky we formed now the right shoulder of head n shoulder pattern. If so, target below 0.18. Hope this won't end as bullflag in 1h chart iot/usd. Good luck, cheers
+1 Reply
zorino MichaelShutterbug
@MichaelShutterbug, thank you for your input! Good luck to you as well!
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