Blorenz
Long

IOTA - Ready For A Breakout?

BITFINEX:IOTETH   IOTA / Ethereum
Iota looks very strong vs.USD (Left), and is at a big support level vs.ETH (Right). This is the weekly timeframe for both charts, and crypto can hold up this bullish momentum, then IOTA could start to look like a potential out-performer. Looking at it on the LOG scale, we can see a very nice descending channel structure, and flirting with a break out above the median. Also a rounded bottom appearance on the RSI is positive for bull case. Also notice the weekly 9 count on both charts just came in - this is huge. Lastly, IOTA could be forming a bullish gartly pattern, with extension targets coming in around $0.50 - where it would meet major structure resistance , and downward sloping trendline (an excelent take profit target). This has all the makings of a perfect setup, hopefully we can see it play out.

Best of luck, hit thumbs up.
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