IOTA IOTUSD
The rally yesterday fizzled out from the upper parallel of a newly forming continuation pattern. Using a trailing stop under the
day's little dynamic that had underpinned the rally from inception at least meant escaping the worst of the ensuing
decline by triggering an exit at around 4500 but it was a poor call nonetheless. If you reversed short on the break below
4361 there is at least a 180 or so point profit still to be had, but so far it has not reached the expected downside
target. It's trying to flip back up here but is still being held back by the upper parallel that controls the wave. Still
vulnerable whilst unable to break and hold above this parallel. Suggest using a sliding stop above this parallel for
shorts. If broken to upside look to close down and reverse for small 100 or so profit -
The rally yesterday fizzled out from the upper parallel of a newly forming continuation pattern. Using a trailing stop under the
day's little dynamic that had underpinned the rally from inception at least meant escaping the worst of the ensuing
decline by triggering an exit at around 4500 but it was a poor call nonetheless. If you reversed short on the break below
4361 there is at least a 180 or so point profit still to be had, but so far it has not reached the expected downside
target. It's trying to flip back up here but is still being held back by the upper parallel that controls the wave. Still
vulnerable whilst unable to break and hold above this parallel. Suggest using a sliding stop above this parallel for
shorts. If broken to upside look to close down and reverse for small 100 or so profit -
Now Iota is back testing resistance and this pattern, since the break 41243 ha flipped Iota into is bearish terriitory again. It hasn't finished it's descent and should fall away from here back to 35697 - if still long it's a good chance to exit and buy back cheaper later