Long on IOTA, Bullish Pennant
IOTA has seen resilant support at the 0.382 fib level. Over the past couple weeks I see a pennant ready for a breakout. A breakout through the upper trendline is poised to passs the 0.5 fib level and test the 0.618 and 0.786 levels. Set stop orders for the lower trendline as a breakout could reach the 0.236 level. I've been trading within the wedge using the just below the MACD to give buy/sell signals, always with the a stop just below the lower trendline. RSI has good guidance as well.
Note
So far the lower trendline is supporting price. watching closely.Note
current RSI is quite oversold, MACD histogram approaching zero, bullish indicators near as price rests on support
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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.