jamazonido
Long

IOTA/USD - Target $7.10! Bullish Symmetrical Triangle (Long!)

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Pattern: Symmetrical Triangle (Long!)

IOTA is showing signs of a Symmetrical Triangle.

Symmetrical Triangles are identified as having higher lows and lower highs. Triangle patterns are an indicator of price consolidation and breakouts usually follow the trend!

If IOTA has a bullish breakout it will face the resistance at $5.57 (+33%). If it breaks through this resistance then based on the Fibonacci Retracement we can expect a target price of $7.14. That's a +68% gain!

Chart Specs:
  • Trend - Up!
  • RSI - 50
  • MACD - Blue line closing in on Orange.
    ** Strong bullish indicator -> If blue line crosses the Orange line
  • Simple Moving Average - Candles are on the SMA
    ** Bullish Indicator -> If candles move above SMA

If IOTA fails to have a positive breakout then we can expect IOTA to hit the support at $3.00. If the support at the $3.00 mark fails to hold, then IOTAs price could drop down to $2.47. This is why it is important to protect your profits and manage risk by setting up your Stop Loss!

The Move:
I will open my position once the blue line crosses the orange line on the MACD chart and the candles move above the SMA . Managing risk is a big part of trading. For this reason I will also set a Stop Loss at -2%. This way we limit our losses while maintaining our profit margin open.

Recommended Guidelines to Follow:

  • Wait for the Break Out
  • Open your position by following the trend
  • Set your target limits
    ** Always set your stop losses when long

I wish you massive profits on all your trades,

CryptoTA

Follow My Blog --> https://steemit.com/@jmazo

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.


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