Posted on

IOTA poised for bull move- 4hr tf analysis

The 3 wave move in IOTA from a price high of $5.80 made on Dec. 19, 2017 to a price low of $1.20 (Feb. 6 2018) can be described as a WXY Elliott wave structure. IOTA will possibly move back up as a 3 wave move or an impulse move. Either scenario calls for a bull move in IOTA. Besides, price breaking and closing above the downtrend line as shown on the chart also supports a bullish case for IOTA

IOTA

Possible price target area or Point of entry is taken as $1.85 as the current move from the low of Feb 6 is shaping up possibly as a leading diagonal (wedge) so a quick deep in price action will be used as a point of trade entry.

POI = Point at which this trade scenario is no longer valid = $1.20

The minimum target area for IOTA is between $4.02 and $4.23

Assuming the scenario above is IDEAL and prices deep quickly to the $1.85 area,
Risk on the trade = $1.85 – $1.20 = $0.65 cents
Potential Profit = $4.02 – $1.85 = $2.17
Risk/reward ratio = ~3.4

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.