IOTA is forming a falling wedge Break of resistance trend of falling wedge will trigger a long TP as shown in the graph SL is break of support trend of falling wedge
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This trade was not taken because we had a break of support trend
All you ideas about IOTA since April are wrong )) Congratulations! )
Grimland
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@shakalaka_boom, They are not wrong since they're only valid once we have confirmation (break of resistance/support), which will trigger or long/short. If they don't trigger we simply wait for another opportunity.
MichaelShutterbug
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I see it more as an descending triangle. Could be a wedge but I don't expect a huge bounce. Price action shows downwards. RSI not oversold. I personally hope to enter between 0.7-0.8USD for a bigger bounce. If another wave downwards until early Q4 then we could also see a sell off to 0.33. Depends on what daddy BTC is going to do. I expect BTC at 5-6k range next weeks. Bounce and another sell off to 4k range. Another 30% dip in BTC from 6-7k down to 4k could hurt IOTA and other altcoins verry bad. If I invest these days only to sell again after bounce a to a resistant level. Good luck and cheers
Grimland
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@MichaelShutterbug, We have a lot of bearish arguments indeed, that's why we need to wait for confirmation. If it plays out, it is possible the bounce will be short lived so locking up profits on the road to $1.3 resistance is highly advised.