IOTA updated count

14 sept 2018

With the BTC drop, IOTA fell into the current range bound area and invalidated my previous count. Here we have a new count indicating we are currently on Wave 2 with the potential to complete this wave at the 0.786 retrace, which would be ideal for a trade. Even if IOTA does not break on the next attempt upwards, it would be worth trading the channel as there's a potential 15% profit just from that if we can get an entry around 7.9k sats. I think this is possible if BTC now drops and tests the support of the current BTC flag formation. My plan would be to buy in there then sell half the position at the top of the channel to lock in some profit.. if it breaks up then we would have wave 2 completion confirmed and be on our way to a potential 70% gain, and I'd be quite happy to take that on 50% of my position!

I don't mind if I don't trade this one as I have other setups ready, but if I do I definitely won't enter above 8.2k.

BTC bouncing around 6260 would be a great trigger to get this one going.

19 sept 2018

Nota

We're getting closer to a possible trade entry here. I'll buy the 0.786 retrace at 7.7k - 7.8k.

21 sept 2018

Nota

The recovery of BTC prevented this one from dropping into the buy area yet. Too much uncertainty around this one so I'm not going to touch it yet. Need to wait for it to drop back down into buy area to trade the channel or to break the descending resistance and preferably also the 9.5k level before it looks interesting.

4 oct 2018

Nota

Iota now in a big equilateral triangle on the 4hr.. something is going to happen here very soon.

18 oct 2018

Nota

There's clearly now a long way to go before IOTA takes a significant leap. I'd like to see one more dip with bullish divergence on the 1D chart. Alternatively we can break up from the short term descending resistence and retest the long-term descending resistance. It's really a difficult one to find mid-term trading opportunities in - I will probably only return to this if we get another lower low.