Blorenz
Long

IOTA - Yet Another Descending Wedge Set-up

BITFINEX:IOTUSD   IOTA / U.S. Dollar
I know I have been posting a lot of long set-ups recently, but IOTA is just looking so juicy right now so i have to mention it.

So simple - the bid is $1.00 - a break out above this descending wedge (which just got respected on this latest sell-off) would be a big LONG indicator imo , and traders would be looking to the next psych levels for TP ($1.50 & $2.00).

here's the set-up:

entry --> $0.98----> (a nice round number, potential for double bottom , and 0 level fib support)
take profit --> $2.00 (logical psychology level following a bullish breakout signal)
Stop --> $0.85 (if we see price fall to this level, it will be likely to continue to the $0.75 mark, so you can get out and save some more pain)
Risk --> 1/2 normal risk on.

lets see how it works out.

Have a great trading day everyone.

Comments

As long as the 1D Channel Down breaks to new lower lows, the outlook on the medium term will be bearish:

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Blorenz InvestingScope
@InvestingScope, interesting, thanks for the feedback! I agree that if we cannot hold onto the $1.00 mark.. we can slip into $0.75 at least (this would be the 5k bitcoin scenario), although I am really not too sure why you have drawn out the channel like that..
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