Another nice bullish pennant / wedge forming in BITFINEX:IOTUSD this time i learn from my mistakes and put the stops at reasonable positions. lacking any usefull targets on the upsides i took the fibo as fallback which also matches nicely with the downside target.
IOTUSD is coming close to the bottom. It can not go beyond the 0 USD
How to trade on this chart.
1. Price is still in bearish trend Watch 0.20 or 0.10 for reversal. The lower the price goes then better the opportunity will be.
2. Wait for the whole crypto market to hold bottom and wait for the 1st impulse from the bottom and then go for buy....
How long will iota be thus cheap?
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Bottom seems to be in for IOTA. Treating this as a swing trade! If we continue to keep going up with decreasing volume, it'll make me believe that the bottom is still not in after my target is reached.
The whole market is building up lots of energy with all the testing all supports and resistances in BTC yesterday. The overall potential looks more bullish but anything can happen. Within all this, BITFINEX:IOTUSD is forming a nice Wedge for high potential, low risk stop entries. I would say a breakout of this area would only go along with the breakout of BTC...
For those who trade on Bitfinex, IOTUSD looks not bad with a possible pop up to ~$0.40, take a look. Buying around $0.27 - $0.26 with a stop below $0.24 (aggressive) or $0.22 (more conservative), keep your risk small, guys.