We had a great run with our Iota short idea (www.tradingview.com/...ut-not-looking-good/) but now it is time to switch to longs.
A supportline (green) which started mid july has pushed Iota out of the downward channel (green oval).. to add to its merit a same supportline is present within the RSI-indicator.
There is a little danger of a shoulder-head-shoulder forming (red curves). But the right shoulder isn't there yet, also shoulders are quite small relative too the head, so even if the right shoulder forms (which happens if the mid-july supportline gets touched in the coming days) it is questionable if it results in a drop below the supportline.
Expect Iota to charge horizontal resistance at 0.00016 and if succeful 0.00019 / 20 area will be targeted.
A supportline (green) which started mid july has pushed Iota out of the downward channel (green oval).. to add to its merit a same supportline is present within the RSI-indicator.
There is a little danger of a shoulder-head-shoulder forming (red curves). But the right shoulder isn't there yet, also shoulders are quite small relative too the head, so even if the right shoulder forms (which happens if the mid-july supportline gets touched in the coming days) it is questionable if it results in a drop below the supportline.
Expect Iota to charge horizontal resistance at 0.00016 and if succeful 0.00019 / 20 area will be targeted.
Comment:
Candles getting really small.. something is cooking!
Comment:
Still moving sideways. I would say the danger of a decent shoulder-head-shoulder formation is gone.. Green support should hold and push price higher sooner or later. Stop-loss: closing price below green support
Comment:
Support still holding.. but watch is closely now.. as sentiment is not good atm
Trade closed: stop reached:
We have lost the support line.. bigger losses looming