In these uncertain times and during downtrends, staying in cash and daytrading until a midterm reversal (or even a small on that lasts a few days) reveals itself is my preferred MO. Lately I've been riding IOTA as it was yeilding 10% gains every time BTC bounced up 3-4%. While surfing this 1.04 to 1.14 channel I noticed that when BTC was falling and taking alts down with it, IOTA was clinging to its very strong support and didn't fall below the low of 1.02 from a few days ago while other alts have dropped 10-20% in that time. This was a massive show of strength and I expect IOTA to take off and hit 1.70 by the end of the week, maybe even clear 2.00 for a full dbl up during BTC's upcoming bounce to 10k (minimum imo).
If you look at the 15min chart above, IOTA broke out of its channel as BTC bounced off of 7500 and is currently at 7700. Should BTC continue on up, IOTA will stay nearly vertical and easily meet my 1.70 target. However, BTC may go a bit lower before G20 news is confirmed as positive turning the entire market bullish. Even if BTC does turn down, I don't expect IOTA to fall below its 1.02 low as I think THE BOTTOM IS IN. Not suggesting you trade based on this info but I for one will be adding to my position on a retrace of this breakout
GL trading
There's blood in the streets so don't be scurred homie
If you look at the 15min chart above, IOTA broke out of its channel as BTC bounced off of 7500 and is currently at 7700. Should BTC continue on up, IOTA will stay nearly vertical and easily meet my 1.70 target. However, BTC may go a bit lower before G20 news is confirmed as positive turning the entire market bullish. Even if BTC does turn down, I don't expect IOTA to fall below its 1.02 low as I think THE BOTTOM IS IN. Not suggesting you trade based on this info but I for one will be adding to my position on a retrace of this breakout
GL trading
There's blood in the streets so don't be scurred homie
Note
So after getting as high as 1.30 on yesterdays bounce attempt (hope you didn't chase the overbought coin then), IOTA made its retracement where I suggested an entry may be good and fell as low as 1.05 where I rebought the coins I sold at 1.22 after seeing the bigger btc drop coming. I still think IOTA has bottomed so now the price is quite close the SL just below the low. The conservative play as always is to wait for confirmation around Tuesday would be my guess (2nd day of G20). But by then you will be catching IOTA around 1.40 imo.Note
were waiting for confirmation the 5th wave is underway and IOTA has touched 1.50. My last update wasn't far off as on the retrace you may be able to get IOTA at 1.40. PLAY THE BOUNCE PPL! this was an easy 40% in less than 48hrs. taking profits and covering (at least partially) on dips as this uptrend may have a bit to go still. Bear count has bounce completing at 9500ish and down to 6k, Symmetrical triangle bullish count also turns at that 9300-9600 aread and drops to 8k and of course, THE BULLISH COUNT of starting wave 3 has us flying towards 13-17k. Last alternative I will mention is the crash scenario where we complete wave B (C of B)up to 13k then C down to 3K. Either way, Iota can run a little bit here and my target of $1.70 can be met today, then a correction and over 2 we go.
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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.