IOTA Buy with Divergence
Hi,
I published IOTA in the middle of April and price broke out of its base shortly after and commenced a nice uptrend with an 80% return at its peak. After trading strongly it finally broke down in early May and has now consolidated and looking good for a buy again.
Note the bullish divergence formed on MACD and RSI. These support a possible break above the falling resistance line as shown on the chart.
A buy signal would be on close of price above the trendline. Don't buy until after the break is confirmed.
A good short term target would be 80% of the way back to the recent high around $2.4. Stop below the recent low around $1.56 for a Risk/Reward of ~2.
Good luck and good trading!
I published IOTA in the middle of April and price broke out of its base shortly after and commenced a nice uptrend with an 80% return at its peak. After trading strongly it finally broke down in early May and has now consolidated and looking good for a buy again.
Note the bullish divergence formed on MACD and RSI. These support a possible break above the falling resistance line as shown on the chart.
A buy signal would be on close of price above the trendline. Don't buy until after the break is confirmed.
A good short term target would be 80% of the way back to the recent high around $2.4. Stop below the recent low around $1.56 for a Risk/Reward of ~2.
Good luck and good trading!
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