deniskov
Long

IOTA LONG, RSI + Cycle Repeat

BITFINEX:IOTUSD   IOTA / U.S. Dollar
IOTA been on a nice bull run these past few days, looking to break $1 and perhaps stabilize around $1.20+ in the upcoming weeks.




Analyzing chart and RSI's we see a similar pattern happened on November 10 (highlighted) during which after a nice bull run we had a minor correction and then kept rising the next day.
It seems like IOTA should have a bit of a correction during the next day or so, which should serve as a nice dip to buy in at.



Other option is we break through resistance without correcting, since IOTA doesn't seem to like correcting very much, and then we'll be seeing values above a dollar in the next few days.
Overall profit target around $1.30 - $1.60 - gives us a nice 2x if it happens.



After a bull run like this i would set a stoploss if the price starts dipping below 0.65 and RSI confirms down movement, as it could mean a downtrend/major correction starting.
Nov 18
Comment:
Nov 18
Comment: just hit bullish confirmation, on the rise towards $1
Nov 20
Comment: tell me we’re not about to break out
Nov 21
Comment: oh if it wasn't for you meddling kids!
@tether
Nov 27
Comment: looks like bullish confirmation right now, expecting a nice run the next few days!
Nov 28
Comment: bullish pennant forming
Nov 28
Trade closed: target reached: reached 1.45, took profit and waiting for a dip or more bullish confirmation to re-enter
Dec 03
Trade active: re-entered @1.90, hodling this coin long term, dont think ill be doing any trades till new years.

Related Ideas

I put in a sell order at $0.86..at what point should I take profit
+1 Reply
deniskov AzeemMajeed
@AzeemMajeed, around $0.7 would be a good price range to take profit and go long, just make sure there are signs of trend reversal back into bullish territory!
Reply
AzeemMajeed deniskov
@deniskov, I've placed my take Profit @0.7 was at $0.61 prior to your advice
Reply
deniskov AzeemMajeed
@AzeemMajeed, hey, I was just going through this post and saw your comment once again.
Did your TP at $0.70 work? seems like it would have been the absolute perfect place to close your short and go long...
Reply
AzeemMajeed deniskov
@deniskov, where's support and resistance currently
Reply
deniskov AzeemMajeed
@AzeemMajeed, resistance $0.9 and a strong support should be around $0.65, though i doubt we'll dip that far
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