IOTA Another rise before breaking the triangle?
Timeframe: 240M
Main Scenario: IOTA has lost -4.17% and has bounced in the Pivot S1 in this 4-H chart, the price is forming a descending triangle that probably will break down in the Pivot S1 but the indicators are now showing oversold levels that could possibly call the buyers back and try to test the upper line of the triangle, so here we have to be aware of what is happening to take the right desition, personally I think there could be another raise before a breakdown so a long position could be an entry here between $ 0.9410 - $ 0.9444.
Alternative Scenario: The price can go to retest the support line and the Pivot point S1 to break the triangle down.
Entry/Stop Loss/ Take Profit: We can go short if the price moves between $ 0.9410 - $ 0.9444.
T1 = $0.9717 (2.6 %)
T1 = $0.9967 (5.1 %)
The Stop Loss can be placed at $ 0.9172 (-2.85%)
Duration: 1-3 Days
Consolidation/Ratification level: If the price crosses the first target, you can drag the stop loss to the entry point.
Warning Level: A range behaviour during the next 24.H around the Pivot S1 will invalidate this setup,
Risk Management: Risk/Reward Ratio: 1.86
Main Scenario: IOTA has lost -4.17% and has bounced in the Pivot S1 in this 4-H chart, the price is forming a descending triangle that probably will break down in the Pivot S1 but the indicators are now showing oversold levels that could possibly call the buyers back and try to test the upper line of the triangle, so here we have to be aware of what is happening to take the right desition, personally I think there could be another raise before a breakdown so a long position could be an entry here between $ 0.9410 - $ 0.9444.
Alternative Scenario: The price can go to retest the support line and the Pivot point S1 to break the triangle down.
Entry/Stop Loss/ Take Profit: We can go short if the price moves between $ 0.9410 - $ 0.9444.
T1 = $0.9717 (2.6 %)
T1 = $0.9967 (5.1 %)
The Stop Loss can be placed at $ 0.9172 (-2.85%)
Duration: 1-3 Days
Consolidation/Ratification level: If the price crosses the first target, you can drag the stop loss to the entry point.
Warning Level: A range behaviour during the next 24.H around the Pivot S1 will invalidate this setup,
Risk Management: Risk/Reward Ratio: 1.86
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