IOTA Jan 10 Technical Analysis – Consolidation then Bullish Uptrend? 300%+ Long Term

Original Post -
All Credits to philakonecrypto

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:

IOTA - November 2 - Long Term Forecast.jpg

IOTA - November 15 - Long Term Forecast.png

IOTA - November 16 - Technical Analysis - Long Entry - $0.67 to$0.75, Target $0.90 to $1.04.png

IOTA November 20 Technical Analysis, Long Buy in $0.825-$0.870, T1 $1.00.png

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.

Leave a Reply

Your email address will not be published. Required fields are marked *