- The previous support which acts now as resistance at 0.000159-0.000165
- The Death cross (50MA crossing the 200MA) is just above the resistance
Also I have to mention that I do not trade the death cross sell signals blindly. This time I like very much the fact that the price action is really close to the death cross. There are 2 ways I could enter this trade. First is to enter when I got a new daily low, at 0.000153. The second way is to wait until the price gets near to the 50MA. In this case I got a but the chances of being stopped out are more. Last thing, from fundamental perspective I believe that IOTA is still overvalued vs BTC (as most of the altcoins) and there is more downside in the longterm.
I ll close 50% of my position here, as we reached the first resistance level
Moving the stop loss of the rest 50% position to breakeven
So 50% of the position closed for +5.4%
The rest 50% closed for +2.5%