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.
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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
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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.