Technical Analysis Summary
We have 2 Downtrend in red color (LONG TERM AND ONE INTERNAL )
We have 1 uptrend in green color
Be careful trends need to be modified when broken to the new peaks.
We have many resistance and support levels that I have mentioned above.
I use thickness as an indicator of stregth of levels...
In trading, sometimes you are right, sometimes you are wrong. Accepting this is key.
With that said, most of my indicators tell me that $IOTA is ready for a big move up. Even tuned down to simple TA, this is classic consolidation below resistance.
Internet Of Things Application is pulling back to demand zone, retesting 50MA support, seems like a nice place to start a swing!
As its name stands, this is an IoT project also available of BSC, more information on www.iota.org
Current Price= 1.3333
Buy Entry = 1.3424 - 1.2540
Take Profit= 1.6873 | 2.2630 | 2.7920
Stop Loss= 1.0753
Risk/Reward= 1:1.75 |...
IOTA clearly is showing strong bullish domination, because the price bounced off the support and broke above the downtrend trendline. It is likely that from today-tomorrow there will be a strong and fast rally, potentially taking the price up to 88.6% Fibs. Such a move equals 43.43% growth!
A Conservative target for this short would be around $0.85.
The risk:reward ratio is 2:1 which is solid but the stop loss is 18% away, so its probably only a good idea to use a maximum of 25% of your total capital on this trade to cap your loss at around 5%.
Let me know your thoughts!
Price is struggling on the 4H down sloped trend-line, there is also a broken previous support, it yet have to go up a little more furthur because we want to see a rejection on 4h RSI trend-line which confirms the down move, also there currently bearish hidden divergence that could potentially results in trend continuation which is what we need in this case.
My notes for tracking my x3 leveraged iota long position.
First entry filled orders (%50 in total)
Average : 1.6195
Expected second entry average: 1.1600