Recent triangle breakout is consolidating before next surge?
First target $4.50 Second target $7.00
Stop loss = below redline $3.10
trade management via 4 hour candle count back line
and upward sloping trend line
Now that the daily candle has dropped below the purple Count Back Line (low of 3rd highest candle)
a breakdown is in play. Target is support line at $5000.
But bargain hunters count start buying up early at $5500 - to $5200
If everyone is waiting to buy it at $5000 - it probably won't get there - then FOMO will strike and it may bounce hard from $5200 and quickly...
BNT is in a down trend. When is a good time to buy?
When the down trend is finished and a new up trend is forming.
But don't buy too early - wait for the trend to turn and the chart to show confirmation that the down trend is finished.
I like to use count back line analysis as a buy signal = buy on the daily charts when price closes above the height of the third...
A prolonged descent seems to have turned with count back buy signals printing yesterday and confirmed today.
Use todays low as stop loss level. (Red line)
I'm looking forward to the status app launch and accessing all those ethereum based DAPPS. Exciting times ahead!
Change of trend signal
Possibly an early call but a risk reward R of 5 is acceptable. 10% downside for 50% upside = R:R risk reward ratio of 5
Buy signal today with a move above count back line green line and using stop loss as break out days low.
second chance entry above pivot point 0.0054
green line count back line using new low and counting back 2 days
height of third day used as entry/stop level
now a recent surge has pulled back to this level offering a second chance entry opportunity
as long as price stays above green line
sell on daily candle close below
new uptrend forming
4 hourly charts might be printing a head and shoulders reversal pattern.
Lower high right shoulder still forming. IOTA seems to move in sympaty with BTC and BTC is looking weak. I'm taking profits and waiting for re-entry closer to 50 cents.
See previous IOTA trade ideas 1 to 4.