No median line analysis to this one, only because the great bullish chat pattern stands out giving us a very good sign of what to expect in IOTA. Price is moving into a bullish pennant and willing to trading it, I highlight two ways to buy.
1. Just keep a closer eye on the price to retrace and test the lower trendline of the pattern and see if you get a buy setup in the lower timeframes.
2. Wait for a clear breakout above the corrective structure (pennant) and buy. You may see a pullback to test the upper trendline of the correction but you will be safe if you place your stop-loss below the corrective structure at around 3.00.
In both scenarios, if price starts climbing, there is a very high probability to reach the 1.27 fib extension of previous impulsive move around 7.00.
All the best,
John
1. Just keep a closer eye on the price to retrace and test the lower trendline of the pattern and see if you get a buy setup in the lower timeframes.
2. Wait for a clear breakout above the corrective structure (pennant) and buy. You may see a pullback to test the upper trendline of the correction but you will be safe if you place your stop-loss below the corrective structure at around 3.00.
In both scenarios, if price starts climbing, there is a very high probability to reach the 1.27 fib extension of previous impulsive move around 7.00.
All the best,
John
