IOTA broke the downtrend with the first motive wave to around .30. After some consolidation in the form of a triangle, wave 3 was initiated. This wave is in the 11th extension right now. You can see this because every subwave looks almost the same, and the angle of the entire wave 3 stays in the same degrees.
Possible upcoming moves:
The recent spike to .75s has broken the wave 3 structure and could signal the end of the 3rd extended wave. In combination with volume spike & overbought RSI + possibly a double top, this provides evidence for the start of wave 4.
This can:
1. double bottom at .75 (buy here) as a flat correction and then continue in wave 5 or ext 13 to atleast 1.15 (there's no limit to extensions i think)
2. Break .75 on the test and zig zag down to the big support around .60. This would be a great buying oppertunity.
It's also possible that the wick was just a shakeout and theres a lot of extensions left to this wave 3 (sigh EW). This will be the case when it doesn't reach .75 and increase in momentum breaks the .995 high.
You can trade this by buying the break out, and setting a stop loss below the recent swing low at .938, this is not a recommended strategy, but given the extended pumps in crypto could be a rewarding trade.
Be aware that it's possible it could go for a higher high first, which called a flat extended correction and then move down to .75 (evaluate momentum in the breakout)
Questions or additional views are welcome!
Possible upcoming moves:
The recent spike to .75s has broken the wave 3 structure and could signal the end of the 3rd extended wave. In combination with volume spike & overbought RSI + possibly a double top, this provides evidence for the start of wave 4.
This can:
1. double bottom at .75 (buy here) as a flat correction and then continue in wave 5 or ext 13 to atleast 1.15 (there's no limit to extensions i think)
2. Break .75 on the test and zig zag down to the big support around .60. This would be a great buying oppertunity.
It's also possible that the wick was just a shakeout and theres a lot of extensions left to this wave 3 (sigh EW). This will be the case when it doesn't reach .75 and increase in momentum breaks the .995 high.
You can trade this by buying the break out, and setting a stop loss below the recent swing low at .938, this is not a recommended strategy, but given the extended pumps in crypto could be a rewarding trade.
Be aware that it's possible it could go for a higher high first, which called a flat extended correction and then move down to .75 (evaluate momentum in the breakout)
Questions or additional views are welcome!
Note
Pull back to 1 dollar possible. RSI and MACD looking good for atleast another leg up to 1.23~. hodlNote
Tripple bottom!Note
Note
looks like h&s forming. 0.60 possible
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.