topvaluestaking
Short

IOTA is touching the ''Death cross''

BITFINEX:IOTBTC   IOTA / Bitcoin
Looking at the IOTBTC             chart, I noticed that the price is under 2 important points of resistance.
- 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 great risk reward 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.
Trade active: Missed the entry at 0.000153 but the trade is technically active
Trade closed manually: We have a nice 5.4% profit on the total position.
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
Comment: Stop loss of the rest 50% of my position is moved to 0.0148 locking some more profit
Trade closed: target reached: Trailing stop loss hit for a profit of 2.5%
So 50% of the position closed for +5.4%
The rest 50% closed for +2.5%
Enjoy
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