Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.401). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. IOTAUSDT is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
💡 Trade Idea
📈 IOTAUSDT | Sell Stop Order @ 1.1650
🎯 Target Profit 0.9872
🛑 Stop Loss 1.2541
❌ Do not risk more than 1 % of your account on each trade
🙂 Good Luck !
Description:
The price is trading within a wedge formation where the pair found liquidity around the 1.3000 mark. A breakout of this pattern is seen to the downside where we expect further...
ANALYSIS 🔎
- IOTAUSDT is printing the inverse head and shoulders pattern on the weekly timeframe.
- This is a trend reversal pattern.
- It is a bullish pattern.
- RSI is printing a bullish divergence signal.
- Price brokeout above the the previous swing high and is testing the neckline resistance.
BUY ENTRY ⬆️
- Breakout above the neckline resistance.
SETUP...
Looking like a falling wedge pattern leading to support between $1.6 & $1.7, and that's where the buy zone is going to be in this trade.
RSI is showing bullish divergence on the 4h chart, I think it is likely we see another low here before we breakout from the pattern.
Favourable Risk to Reward here
Entry: @ $1.68 - $1.61
Stop-Loss: @ -8%
TP1: @ $1.96,
TP2: @...
