IOTABTC ready for breakout from a pennantAfter a strong bull move since 4th jan the IOTABTC was moving in a pennant and likely to going through a correction rally which seems to be getting finished now.
We can see on daily chart the price action hits the 100MA and pivot 1st support moreover we have a 200MA beneath 100MA playing a very srtong support role here.
RSI oversold condition is also very importance factor here indicating to bullish divergence soon insa Allah.
The volume profile's fixed range is showing trader's less interest in this area and price line is also quite low below the POC of volume profile.
I am expecting a massive breakout from here soon insha Allah.
I have defined the targets on chart accordingly plz find.
Regards,
Atif Akbar (moon333)
IOTBTC trade ideas
IOTABTC [Daily] 8000 as key level for bulls... Looking to sellAs you can see on the chart we are right above 8000. Levels is wirking as support for now.
As long as bulls stay above there is a chance for rally towards 11000 or even 13000.
Overall we are still in a bear market so I would rather wait fro breakdown and close below 8000.
First target is at 6000.
Break and close below that level may indicate that latest consolidation within 11000-6000 and market is ready to fall towards 1000.
There is a trading opportunity to buy in IOTABTCTechnical analysis:
. MIOTA/BITCOIN is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 73.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (0.0000750 to 0.00006200). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (0.0000750)
Ending of entry zone (0.00006200)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons:
Take Profits:
TP1= @ 0.00009380
TP2= @ 0.00011050
TP3= @ 0.00012950
TP4= @ 0.00014060
TP5= @ 0.00016480
TP6= @ 0.00018910
TP7= @ 0.00026760
TP8= @ 0.00031200
TP9= Free
Iota...nearing a short term top?I have what I think is a fairly detailed and accurate Elliott count form the recent low. It does look like we're finishing the last wave of the much larger wave 1 (assuming the low that we recently had was the bottom...which is a big assumption).
The question is.."Where do we finish?"
I have marked up some common targets based on fib extensions of the last (red) 5 wave. Let's see if one of them is hit