Short-term trade in either direction; Downward looks more likely

Analysis of past volume, support, and resistance levels. Due to an IOTA/USD candle that occurred a moment ago and recent BTC/USD rejections at the 8k level, the downward movement will more likely occur. Long setup just in case =)

Bitcoin's price action could greatly influence the outcome. Bitcoin's movements may void this entire analysis or could force IOTA's price past the target in either direction.

I do not claim to know which direction the price will go. I hope to know it will move after a breakout. Not financial advice. Good luck out there.

-AetherMass

Resulting potential trades:

• Long at $1.7188
  
• Stop (sell) at $1.6566 with loss of 3.62%
  
• Profit (sell) at $1.8385 with gain of 6.97%
  
• Risk reward ratio of 1.92
  

• Short at $1.4863
  
• Stop (buy) at $1.5312 with loss of 3.10%
  
• Profit at (buy) $1.3288 with gain of 11.01%
  
• Risk reward ratio of 3.55
  

Comment:

Trade still appears to be valid. Taking longer to resolve than I anticipated.

Comment:

Still traveling in the same range.

Comment:

The BTC shorts have increased in that last image. This and other BTC activity still point to a downward break... eventually.

Trade active:

Just entered the trade.

Comment:

Let's see how long it takes to resolve. BTC spiked when the trade was entered -- and this pushed the price just over the entry target.

Trade active:

Currently at $1.7565. I moved my stop to $1.7288. If BTC reaches for $8800 as some on TV are projecting (currently $8279), IOTA may dramatically overshoot my take profit target of $1.83. I am evaluating this now along with an active, larger XRP trade with the same issue.

Trade closed: target reached:

Trade reached the $1.83 target at 2018-04-20 1000 UTC. My price target did not account for the continuation that occurred. BTC did have a positive movement during the trade, but the past consolidation area above my target should have prompted me to target ~$1.90.

Also, I was very wrong about my hunch on the initial direction. I intend to refrain from making those comments in the future -- because I want to develop a trading strategy that allows for directional moves in either direction.

Track record: 2/3 for crypto; 1/1 for XRP; no pending trades at this time; documentation for a successfully closed IOTA trade is next.

Comment:

Edit: oops I flipped XRP and IOTA in that last comment.

Track record: 2/3 for crypto; 2/2 for IOTA; no pending trades at this time; documentation for a successfully closed XRP trade is next.