I know I have been posting a lot of long set-ups recently, but IOTA is just looking so juicy right now so i have to mention it.
So simple - the bid is $1.00 - a break out above this descending wedge (which just got respected on this latest sell-off) would be a big LONG indicator imo, and traders would be looking to the next psych levels for TP ($1.50 & $2.00).
here's the set-up:
entry --> $0.98----> (a nice round number, potential for double bottom, and 0 level fib support) take profit --> $2.00 (logical psychology level following a bullish breakout signal) Stop --> $0.85 (if we see price fall to this level, it will be likely to continue to the $0.75 mark, so you can get out and save some more pain) Risk --> 1/2 normal risk on.
As long as the 1D Channel Down breaks to new lower lows, the outlook on the medium term will be bearish:
Lorenz_Capital
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@InvestingScope, interesting, thanks for the feedback! I agree that if we cannot hold onto the $1.00 mark.. we can slip into $0.75 at least (this would be the 5k bitcoin scenario), although I am really not too sure why you have drawn out the channel like that..