ForecastCity
Long

There is a trading opportunity to buy in IOTAUSD

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Midterm forecast:
While the price is above the support 0.2045, beginning of uptrend is expected.
We make sure when the resistance at 0.4015 breaks.
If the support at 0.2045 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The RSI bounced from the downtrend #1 and it prevented price from more gains.
A trough is formed in daily chart at 0.2667 on 03/09/2019, so more gains to resistance(s) 0.3340 and maximum to Major Resistance (0.4015) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 49.

Trading suggestion:
There is a possibility of temporary retracement to suggested support zone (0.2660 to 0.2045). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Beginning of entry zone (0.2660)
Ending of entry zone (0.2045)


Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1= @ 0.3340
TP2= @ 0.4015
TP3= @ 0.4535
TP4= @ 0.5260
TP5= @ 0.6105
TP6= @ 0.7920
TP7= @ 0.9265
TP8= @ 1.1550
TP9= @ 1.4475
TP10= @ 1.7435
TP11= @ 2.2170
TP12= @ 2.6930
TP13= @ 3.3680
TP14= @ 4.2300
TP15= Free
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Iota looks beautiful for long. Expecting a big move soon

+1 Reply
ForecastCity kryptowavetrader
@kryptowavetrader, Thanks for your comment.
Reply
I still hope for a lower low. We formed kind of a pennant/symmetrical triangle with fakeout to the upside. I took the lows between September till November 2018 and extended this line (in log scale chart) to the peaks during this consolidation. This could be the upper trendline from pennant.

If we finally break downwards this pennant has a price target somewhere in the 0.13-0.145 range. There is also a diagonal in log scale chart from flash crash low in December 2017 connected to the August 2018 low and extended to end of April we have this huge support around 0.14 and above. Try it out, maybe it helps you to identify a potential reversal target. I will set my buy orders between 0.14-0.165 to make sure I get the most of them filled. I also think price bottom BTC is between 2750-3000USD Bitstamp.

Your opinion on that? Cheers
+1 Reply
ForecastCity MichaelShutterbug
@MichaelShutterbug, Thanks for your comment.
Reply
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