IOTUSD - Two areas of interest to look out for

IOTUSD 4H

As shown on the chart we have two strong areas of interest. The first one is the current price level, which is the weekly support (1.10-1.03) and the second one being the point of intersection of the daily support area and the ascending trendline (0.92-0.88).

The plan is to observe price action at the given levels and once we have a confirmation, price might be heading north targeting the projected target area of 1.67-1.87.

The target area will be refined once the next impulse has begun.

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Three different scenarios for a buy.

1) The counter-trendline gets broken. In this case, I'll wait for a retrace before considering a buy

2) Price forms a multiple bottom, testing the weekly support once again and nearing itself the apex and - ideally resulting in breakout

3) Price breaks and closes below the weekly support. In this case, I'll closely monitor the region of 1.00-0.98 and the 2nd area of interest marked on the chart.

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Currently matchpoint on IOTA.

If price breaks & manages to close outside the corrective structure, look for a minor retest before considering opening longs.

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UPDATE 1H

Perfectly played out as described in the previous update. Hope you guys took advantage of it!

So for now, IOTA might be ready for a slightly bigger corrective leg till either 1.33-1.28 or 1.24-1.22. Once being rejected at one of these areas, we might see the final push to the 1.75-1.85 region

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Forgot to post the chart update. Here it is

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I've just revised the charts and a high probability scenario would be that the current minor correction will find its trough at around $1.15 followed by an impulse hitting $1.80-$1.85

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First scenario played out perfectly. Price has now entered the projected target area. More upside potential given in the short-term and definitely in the long-term. We might see another smaller corrective structure today or tomorrow. I'll be monitoring this one closely as I'm expecting a major correction on Bitcoin soon, which would cause other alts to drop too. However, IOTA has been one of the few alts which has been very stable after the overall crypto panic selling we saw a few days ago. Therefore I wouldn't be surprised to see price climbing to $3-5 in Q1 2018.

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Trendline hit. Some buyers are taking profits right now, but there the rally has not finished yet. Expecting price to climb higher till 2.05-2.10 region

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Done and dusted! Closed at 1.92. Enjoy your profits!

BudBronson

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BudBronson