IOTEX LOOKING BULLISHAfter breaking out of the descending wedge we had since October 2019, we managed to wick up to 200EMA.
Now we are trading in a descending triangle, which also looks like a bullish flag pattern and we have touched touched the upper part of the descending wedge, which looks like a bullish retest.
We are looking to take a small position long at the bottom line of the triangle (also 100EMA), if it shows signs of reversal and add to our position, if we get a bullish breakout from the descending triangle.
Our first take profit will be just below 200EMA, which coincides with the previous swing highs (the red dotted line). If we manage to break through 200EMA, we are off to races and our next take profit will be the 2018 august and 2019 may support in the 0.00000120 and 0.00000140 range.
The stop loss will be placed just under the top part of the descending wedge, under 20/50EMA, at around 0.00000035, still giving us a very good risk/reward ratio.
Entry: 0.00000047 - 0.00000054
Stop loss: 0.00000035
TP1: 0.00000070
TP2: 0.00000123
This is not financial advice, just an idea. Use stop losses, money management g stuff.
