IOTAUpdated IOTA - correction not done yet
IOT/USD 4H
Being in an expanding wedge, we're currently in the making of the subwave 4 of c. I expect price to rise till the marked sell zone ($3.50-3.75). If price proves me right, we should see from there on the start and the final bearish impulse of the overall corrective structure. This could either result in a double bottom or ideally in a lower low till $1.35-1.10 levels.
Monitoring the BTCUSD price, as shown in my previous analysis - would be a good idea - as we still have a strong positive correlation showing up on almost all alts. The max. upside levels for BTCUSD are marked on the chart. In the case of a violation, I do not expect price to break 13.700ish (Bitfinex). From there on, a corrective continuation till 8k levels would seem possible.
Safe trades!
Being in an expanding wedge, we're currently in the making of the subwave 4 of c. I expect price to rise till the marked sell zone ($3.50-3.75). If price proves me right, we should see from there on the start and the final bearish impulse of the overall corrective structure. This could either result in a double bottom or ideally in a lower low till $1.35-1.10 levels.
Monitoring the BTCUSD price, as shown in my previous analysis - would be a good idea - as we still have a strong positive correlation showing up on almost all alts. The max. upside levels for BTCUSD are marked on the chart. In the case of a violation, I do not expect price to break 13.700ish (Bitfinex). From there on, a corrective continuation till 8k levels would seem possible.
Safe trades!
Note
Price might stop a bit sooner. Look for the trendline hit and monitor price action for further signs.Trade closed manually
9% profit. Will now wait for the next downmove. As with the other TA's, a bit more upside possible but nevertheless I'm out for now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.