IOT/USD 4H
Being in an expanding wedge, we're currently in the making of the subwave 4 of c. I expect price to rise till the marked sell zone ($3.50-3.75). If price proves me right, we should see from there on the start and the final bearish impulse of the overall corrective structure. This could either result in a double bottom or ideally in a lower low till $1.35-1.10 levels.
Monitoring the BTCUSD price, as shown in my previous analysis - would be a good idea - as we still have a strong positive correlation showing up on almost all alts. The max. upside levels for BTCUSD are marked on the chart. In the case of a violation, I do not expect price to break $13.700ish (Bitfinex). From there on, a corrective continuation till 8k levels would seem possible.
Safe trades!
Being in an expanding wedge, we're currently in the making of the subwave 4 of c. I expect price to rise till the marked sell zone ($3.50-3.75). If price proves me right, we should see from there on the start and the final bearish impulse of the overall corrective structure. This could either result in a double bottom or ideally in a lower low till $1.35-1.10 levels.
Monitoring the BTCUSD price, as shown in my previous analysis - would be a good idea - as we still have a strong positive correlation showing up on almost all alts. The max. upside levels for BTCUSD are marked on the chart. In the case of a violation, I do not expect price to break $13.700ish (Bitfinex). From there on, a corrective continuation till 8k levels would seem possible.
Safe trades!
Commento:
Price might stop a bit sooner. Look for the trendline hit and monitor price action for further signs.
Trade chiuso manualmente:
9% profit. Will now wait for the next downmove. As with the other TA's, a bit more upside possible but nevertheless I'm out for now.