The amount of novice trader panic buying at the all time high indicates a very strong resistance point at $5.5 as everyone is trapped there. A second resistance point is at $5.15 when we failed to break it on 12/6 and 12/8. A third resistance point is at $4.45 where we have successful passed and broke out on 12/7, but failed to breakout on 12/10. As of now we're looking to retest $4.45 again, if we managed to breakout, it is a very bullish signal. We're very likely to go all the way back to $5.15 before bouncing back down.
We have 2 support. A weaker support at $3.75 as seen on 12/8 and 12/10. A super major support at $3.5 as seen on 12/8 and 12/9. We have managed to stay above $3.5 despite all the BTC FUD indicates that $3.5 is a very solid support. If $3.5 support breaks, we're looking to sell everything immediately.
Trade Setup: - Stop Loss at somewhere around $3.5 - Sell 30% IOTA at $5.15 to secure profit in case we can't break through $5.15 resistance. - If we manage to break out of $5.5, there's nothing that can stop us. Sell 70% at $5.9
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We have broke through the $4.45 resistance. We're looking to go all the way up to $5.15 before the second resistance point.
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We failed to break through $4.45 resistance. We're very likely to go down. We'll wait for the second 1h candle to confirm the signal.
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As of now, Stoch, MACD, and CCI is showing a huge buying momentum. We might be retesting $4.45 again. Hopefully we break that before tomorrow morning.
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Good morning, It seems that no much had happened over night, but the gap between the bottom and $4.45 resistance is getting smaller and smaller. It seems that IOTA id hsving a rough time breaking through this resistance. We failed twice yesterday, let's see what will happen today.
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$4.45 resistance is quite strong, we've tried a total of 3 times as of now. I'm predicting a breakout by midnight. Boillinger Band is getting narrower indicates either a significant advance or decline in the future.
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So far so good. Let's play a little game predicting when the breakout occurs.
MACD, CCI, and Stoch indicating a good and strong buying momentum from the market.
New Trade Setup: Stop Loss: $4 Take Profit #1: $4.9 (20%) Take Profit #2: $5.1 (20%) Take Profit #3: $5.9 (60%)
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Bounced above the trend line as expected. If we have enough volume, expect a breakout before the end of tomorrow tonight.
Please remember, a Bollinger Band Squeeze indicates both a huge INCREASE or DECREASE. If we do fall below the trend line, we will no longer be going long but instead shorting it. If that happens, I'll make a new post with a new setup.
Good luck to all and good night.
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Sooner than I've expected, we broke through $4.45 resistance. Waiting for second 30 min candle for confirmation.
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Breakout confirmed! We have a significant amount of increase in volume. Strong buying momentum on CCI, MACD, and Stoch.
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First Target of $4.9 reached. Trust me, don't be greedy. Secure that profit first.
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It is very unlikely that we fall below $4.45 again after the breakout, so feel free to increase your position from the $4.9 trade we've profited from. I'm looking for $5.2 and above by morning. If the trend breaks, we will short it.
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We are running low on volume due to LTC fomo. It'll be interesting to see what would happen when LTC pump is over. Overall, we are still in a safe spot.
New Stop Loss: $4.39
If we break below $4.45 it's game over. we will stop going long and proceed to short it when that happens.
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We bounced off of $4.5 support. Most likely going back up, waiting for second 1h candle for confirmation. We should be able to reach our second target by tonight.
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Stop loss of $4.39 reached. We will wait to reach re enter once we see momentum.
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re enter. 2nd 1h candle shows a bounce back up from our support at $4.45
Sooner than I expected, we broke through $4.45 resistance. Waiting for second 30 minute candle to confirm signal.
mk2017
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@ErnestEA, You have such a good heart ! Thanks for sharing your knowledge !!! Followed :)
JimmyHodl
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Or maybe we just have a correction after a big triangle breakout?
And it's connected with running out of volume due to LTC ride...
Do you think ~$7 is out of reach for the next 24-48 hrs (13th-14th IOTA meetups)?
EylemCulculoglu
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IOTA is the next big thing. I recommend my students to buy and hold. My forecast for end of 2019 is: >100 USD.
Great TA and clear comments. thanks for the good work man!
CharlieTecho
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"
Take Profit #1: $4.9 (20%)
Take Profit #2: $5.1 (20%)
Take Profit #3: $5.9 (60%)
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when you say this, what do you mean? is this you taking 20% profit at #1 the #2 then 60% @ #3 ?
essentially when would you buy again, with an order at 4.5x ?
sorry for the n00b question, just trying to understand the logic.
ErnestEA
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@CharlieTecho, Just selling 20% of the IOTA that you own. you may of course choose to increase your position by buying at a lower price.