DemiPixel

Possible resistance on IOTA

Long
BITFINEX:IOTBTC   IOTA / Bitcoin
Looks like there might be an ascending triangle on IOTA. Be careful of a false break!
Comment: A failed break over the resistance but the bottom resistance is still holding steadily. I think if we get the momentum we'll see a successful breakthrough.

Comment: Alright, my mistake, it looks like I put the resistance in the wrong place (not sure why I placed it there, then didn't pay attention to that in the last comment). Here's what we might be expecting. You could argue a double top, although I don't think we've seen enough increase for that to be the case. Keep your eyes pealed for cracks through the resistance/support!

Comment: Off we go!

Trade closed: target reached: If you bought near the bottom of the triangle and sold near the bottom, that's a 15% gain, although more realistically if you waited for the break and sold at the second "hump" (a bounce back after the peak that fails to reach the peak again—confirmed by being a previous resistance, suggesting we've hit the peak), you made closer to 6%. Still a nice trade!

Comment: Could also be an ascending triangle, just be aware if you want to hop on the next ride possibly!

Comments

man EMC2 did this to me this morning and i thought was gonna o a reversal cause around 5 am had those three up trend lines that kept doubing the previous one called white soldier and it
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