MrUlff

IOTA. Possible breakdown scenario

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Iota is forming a decending (bottom flat) triangle, which indicates a further breakdown in price. Potential gains to be made from short and long positions, before breakdown occurs.

This is not financial advice, just a fellow trader offering his thoughts.
Comment: at the moment bulls are fighting for their survival and might break the triangles resistance @0.32 level.
Trade closed manually: sometimes we lose, but the true question is how you manage your positions. That will determine in the long run, if we win or lose.
In this case bulls got the best of bears and broke out of the decending triangle.
Still took a decent 2% profit after seeing the signs of reversal.

Learning from these situations, makes us better traders.
Comment: we have most likely formed a channel instead of a triangle. same highs, same lows
Comment: the channel is between 0.30 and 0.34 dollar level
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