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DLavrov
Aug 19, 2017 12:52 PM

IOTUSD Double Bottom Long

IOTA / DollarBitfinex

Description

If we look at the 1H chart, we'll see a double bottom chart pattern. It belongs to a reversal group of chart patterns. If the market bounces from the uptrend line and 0.80000 support level, we'll have to wait for a price breakout above the local swing high. It will be a confirmation of the double bottom pattern and further upward movement. Pending orders for buy should be placed at 0.92000 level. Stop orders must be below 0.758000 level. Profit targets are at 1.0000 and 1.10000 resistance levels. Also the part of trading volume can be left for long run.
Comments
GordonR
@DLavrov
I see that a triangle has formed.
Do you think it'll break upwards before retesting the 0.78 levels?

GeorgDer3
Ty for the chart but could you do a updated one? Would very mich appreciate that.
ryane1
how do you feel about this triple bottom?
mysticyak
dobry!
Zaeem
@DLavrov I have been following charts on trading view for some time now and your analysis is always spot-on. Excellent Job !
kennymeyer
Well... you're analysis was on-spot... that's exactly what happened.
penaf
@DLavrov Thanks so much for your awesome analisys.
GordonR
Looks like we've passed the local swing high :-)
dcovelli
@DLavrov thanks for posting on IOTA! What value are you referring to as the local swing high?
UnknownUnicorn376144
Thanks
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