IOTX long reversal
Updated
Total market:
- Bulls held up total market on weekly chart, looking to see a bullish reversal for the upcoming week
Daily:
- Price currently at strong daily support, bulls coming back into the market
4H:
- Had strong push and close above both MAs
1H:
- formed flag down to the 0.5 fib level which has been respected. Broke out of downtrend line with strong bb break
Trade Management:
- Will be based discretionally
Stop loss: 0.0709
- below VPVR and 0.382 fib level
Take profit: 0.0943
- at 1.618 fib extension of flag, also near prominent resistance / support level on higher time frames
Trade would be invalidated if we fail to break 0 fib level in a timely manor (ultimately invalidating flag pattern, meaning more chop consolidation incoming)
- Bulls held up total market on weekly chart, looking to see a bullish reversal for the upcoming week
Daily:
- Price currently at strong daily support, bulls coming back into the market
4H:
- Had strong push and close above both MAs
1H:
- formed flag down to the 0.5 fib level which has been respected. Broke out of downtrend line with strong bb break
Trade Management:
- Will be based discretionally
Stop loss: 0.0709
- below VPVR and 0.382 fib level
Take profit: 0.0943
- at 1.618 fib extension of flag, also near prominent resistance / support level on higher time frames
Trade would be invalidated if we fail to break 0 fib level in a timely manor (ultimately invalidating flag pattern, meaning more chop consolidation incoming)
Comment
Pulled 1/3rd of position with profit. Getting rejected at daily EMA, BTC currently at resistance levelTrade closed: stop reached
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