IOTALong
Continuation Pendant / Triangle? Seems okay to me.
Updated
IOTA is a bit of a wild west right now, but might(!?) chart well on larger resolution candles.
- If our bounce off the bottom of the triangle is genuine, we can see modest % gain until we reach the top for a quick buck.
- A positive break out would yield astronomical returns from the height of the pendant to the height of the pole.
- A negative break out, while unfortunate, is easy to determine, with a positive slope on the stop loss line.
- If it stops charting in a readable manner, take what profit possible and play it safe with an exit.
Play it safe, ideas and more experienced insight are always welcome.
- If our bounce off the bottom of the triangle is genuine, we can see modest % gain until we reach the top for a quick buck.
- A positive break out would yield astronomical returns from the height of the pendant to the height of the pole.
- A negative break out, while unfortunate, is easy to determine, with a positive slope on the stop loss line.
- If it stops charting in a readable manner, take what profit possible and play it safe with an exit.
Play it safe, ideas and more experienced insight are always welcome.
Note
Passing 0.26 where a minor resistance was gives us a decent road to the top of the triangle, assuming BTC behaves.Note
While we are starting to challenge the top, there's a lot of chaos with BTC and the alts right now, so a confirmation is ideal before we consider any breakout legitimate, don't get squeezed!Note
At this time, breaking the top seems unlikely (but not impossible!) and a considerable size of position has been locked in for profits (4-5% is nothing to sneeze at!) and I shall consider adding or removing to it depending on where this next dip stops at.Note
As you've suspected, we ended up breaking the top after all, up we go! :)Note
An approximate 0.786 retrace of the trendline puts us in good standing for upwards momentum ( assuming we go past 0.000 again, of course! )Trade closed manually
At this point I have exited my position fully as I suspect a reversal in play shortly. Thanks to all that followed along!
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