Original Post -https://steemit.com/bitcoin/@philakonecrypto/iota-jan-10-technical-analysis-consolidation-then-bullish-uptrend-300-long-term
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Iota has been a heck of a ride. We’ve all enjoyed immensely the rewards. I’ve made a few predictions along the way up:
We saw a beautiful 5 elliot wave run up:
Then we saw a flash crash. This happens often as massive profits are taken and people are still in leveraged long positions. Cascades and triggers of stop losses creates a domino effect. When in a long, you have to sell to close. But when flash crashes happen there aren’t enough orders to fill accordingly.
We see a healthy retracement of flashing to 0.786, then solid support between the 0.382 and 0.5 fib region.
We see a healthy consolidation in the for m of ABCDE forming, and upon breakout at the APEX, a symmetric triangle can break up or down. Due to the bullish market sentiment, my thoughts are to break up.
First target will be to break the $5.80 high. Wish a beautiful risk to reward ratio of 4.89.
Entry upon breakout between $3.40-$3.65, depending on where support and consolidation finishes.
Stop set at a round $3.00.