HorseyTim

IOTA - How to buy resistance.

BITFINEX:IOTUSD   IOTA / U.S. Dollar
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How to buy resistance
Step one : Don't actually do it
Wait for someone else to buy it and see it if breaks upwards cleanly. Then consider the possibility of a follow through.

How to buy support
Open one eye if we touch 40 cents.
Open both eyes if we go under.

So the best setup to do here is WAIT or SHORT.
Comment: Defintely looks like a breakout today. i'm buying but with a tight stop incase theres no follow through
Comment: Let see if we can reach 89. that'd be a really high exit.
Comment:
Bearish engulfing in daily candle in the making or retest of wedge down trend. We will see. 50 day MA couldn't support the downmove so far. When we close below it again it could be a fakeout and back into wedge.
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HorseyTim MichaelShutterbug
@MichaelShutterbug, Yeah. so far theres not much of a follow through going on after breaking resistance. BTC's erratic behavior is also having an impact on IOTA's direction which is annoying.
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@HorseyTim, Agree, also the breakout was without huge volume. Normally such a breakout should be followed by an additional push before consolidating.
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@HorseyTim, Glad I could resist to buy. Looks like a confirmed fakeout. In my opinion market is ready for low 0.2x USD. I took all my money out of bitfinex. I hope they are still running in a few weeks when want to buy MIOTA.
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HorseyTim MichaelShutterbug
@MichaelShutterbug, Yeah best wait for a favorable setup before entering.
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@HorseyTim, The huge falling wedge from early May till August/September upper trendline isn't relevant anymore imo. draw a new upper trendline beginning with local peak 8th-10th of October, next contact point at 26th-27th of October. Draw the line down to the huge downtrend channel double line as you draw it. This could be the beginning of wedge with low around mid December. I take it as a fractal compared to March-April this year. Means next ~8-12 days plunge to the downtrend channel +/- 50% down to 0.25. Bounce +30-50% and till mid December exhausting downtrend with target 0.2-0.22, there I would go all inn. I might change my mind daily, depends on how the next movements turn out.
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MichaelShutterbug MichaelShutterbug
@MichaelShutterbug, I forgot to mention 15th of July 2017 low, 14th of August 2018, 11th of October 2018, draw this trendline, it broke to the downside yesterday. Beside of the fractal comparisation with March-April this year, this is the main reason I expect dump. Could be a bear trap of course. I'm totally flat so there is no emotion involved beside of the hope of an extended bear market. I don't short this. Just wait it out until it reaches a main support/trendline. The rest between is only noise I have an eye on, but patience is the way to success.
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We saw a breaktout to the downside in April before it trippled in value till early May. Back then it broke through the long term uptrend line in log scale since summer 2017. I guess we see now kind of a similar move but to the upside. Could be a fakeout before we reach the low 0.2x region. Still my preferred scenario. Respect the wedge as you said :-)
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HorseyTim MichaelShutterbug
@MichaelShutterbug, Could be a slight overthrow. Happens sometimes. Support is always a bull's best friend. Just gotta keep waiting for something to happen.
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Am I confident we'll break up? Definitely not. The distance between support and resistance is too much. When its tight and narrow the possibility of a massive upside is much better.
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