IOTA / BitcoinLong
IOTABTC 1D bull flag long setup
TA explained
IOTABTC seems to be finalizing a bull flag after breaking out of a falling wedge on the daily timeframe. Bull flag is considered a continuation pattern, so if it does breakout another leg up to the extended -0.272 fib level can be expected. First target is just below this fib level and aligns just below resistance zones in the past. Higher targets are based on previous resistance zones as well. Stop loss is below the 0.718 fib level drawn on the daily timeframe of the last impulse and below the 20EMA, 50MA, 100EMA and 200MA on the daily TF.
This setup can be traded with leverage in margin. Maximum of 3x is advised for this setup.
Trade setup
Best entries: 0.00002450 - 0.00002520
TP1: 0.00002800
TP2: 0.00003363
TP3: 0.00003949
SL: 0.00002220
RR: 5
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
IOTABTC seems to be finalizing a bull flag after breaking out of a falling wedge on the daily timeframe. Bull flag is considered a continuation pattern, so if it does breakout another leg up to the extended -0.272 fib level can be expected. First target is just below this fib level and aligns just below resistance zones in the past. Higher targets are based on previous resistance zones as well. Stop loss is below the 0.718 fib level drawn on the daily timeframe of the last impulse and below the 20EMA, 50MA, 100EMA and 200MA on the daily TF.
This setup can be traded with leverage in margin. Maximum of 3x is advised for this setup.
Trade setup
Best entries: 0.00002450 - 0.00002520
TP1: 0.00002800
TP2: 0.00003363
TP3: 0.00003949
SL: 0.00002220
RR: 5
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
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