Hello everyone, if you like the idea, do not forget to support with a like and follow.
I found IOTA chart interesting! ( H4 timeframe )
IOTA is overall bullish trading above the lower blue trendline.
However, now it is stuck inside a range in the shape of a symmetrical triangle. And every new candle is making the range even narrower.
Well as per the textbook, a symmetrical triangle is a bilateral pattern, which means it can be broken on either side.
I am looking to add IOTA to my portfolio, but before we buy, we want the buyers to prove that they are taking over.
As per my trading plan, I will be waiting for a new swing to form around the upper blue trendline, (projection in purple) to consider it valid then enter on its break upward. (gray zone)
And of course, as price approaches the lower blue trendline and green zone, we will also be looking for buy setups on lower timeframes. (short-term)
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
The symmetrical triangle indeed can go either way (up/down). However, in this case the triangle was created from the downside. So....the probability that the symmetrical triangle will breakout to the upside is more plausible. So bullish for IOTA it is! Nice TA by the way. Thanks for sharing!
TheSignalyst
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@finaboyy thank you sharing your thoughts. You are absolutely right 🙌 let's wait for it together then 😁 thank you gentleman