Gmanns777

IOTA: Bearish Butterfly is setting up

Short
BITFINEX:IOTUSD   IOTA / U.S. Dollar
IOTA has had a really nice run up in price recently which has lead to it missing a number of central pivots (2 daily / 1 weekly) which lead me to take a closer look. When I did I saw that I dragged a fib and saw price react off the 78.6% level which looks to be like B in and ABCD of a Butterfly .

The Butterfly could turn at 1.272 or 1.618 extension , once price gets there I will be looking to short price back down to the missed weekly.

I will update once price is in the shorting zone.
Comment: OK price is getting close... no giant green bars so my order is in.

entry: $1.75 (1.272 ext)
stop: $1.80 (daily R1 just above should give some protection)
target: $1.45 (weekly central pivot)

Trade closed: stop reached: Great reason to have stops in place... despite the set up looking really good. Price have moved up strongly and is not heading up to the 2.618 level.


Aside from this trade market is looking strong :D

Comments

Nice vid!
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