IoTeXUSDT - Trendline Breakout Idea !
Updated
Hey guys! It's been over 100 days that IoTeX has been in a downtrend. This could be yet the bottom to be confirmed. We need a good breakout of the trendline to the upside with nice strong volume otherwise this could go back into ranging more for a long time or even continue falling despite the bullish bounce off this key monthly level.
TRADING PLAN AS FOLLOWS:
I suggest to SPOT rather than futures as this is a counter trend trade set up. Risk is higher unless you follow rules strictly per your plan.
Hope you find analysis useful!
Kina 🙏
TRADING PLAN AS FOLLOWS:
- First we need to see a solid trendline breakout.
- First TP would be 0.020 a psychological level. However, it could get pierced through so we need to monitor price action once it gets there.
- My desired level is the weekly mean reversion area where price has struggled in the past and it's also a key flip zone but in the weekly timeframe. This area has been a magnet for price so it could get there again. TP here would be around 0.02470 - 0.02680
- If the trendline breakout fails, close position at breakeven IF price goes sideways and no direction whatsoever or it hits stop loss.
I suggest to SPOT rather than futures as this is a counter trend trade set up. Risk is higher unless you follow rules strictly per your plan.
Hope you find analysis useful!
Kina 🙏
Trade closed: target reached
GG all targets met accordingly!
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