As you can see, it has returned to its long-term , and made a break of its recent bear trend with . Plus their new trinity wallet (beta) is released on January 31st. The signs are lining up for a nice bull run.
Entry: Now, or after a cool-off period.
- Target 1: 27.5K (275K satoshi)
- Target 2: 34K (340K satoshi)
- Target 3: 45K (450K satoshi)
Note: Trade entered at 22500 (225K satoshi)
We're safe in this position unless we lose our lower support line, as shown here.
Given that IOTA still has big news coming out, you have three options (assuming you're currently long)
1. Sell at a slight loss. Since we haven't broken support this seems premature.
2. Swing trade the channel. Defnitely doable but you might miss any pump that occurs on news.
3. Hold by the original strategy.
Personally I'm sticking with 3, unless volume is super weak at the top of the channel.
In which case this position is still a solid long, and we're at a good point for re-entry if you sold the top.
Lesson learned: Don't go into alts when BTC isn't finished dying.