IoTeXUSDT - Trendline Breakout Idea !

26 sept. 2023

Hey guys! It's been over 100 days that IoTeX has been in a downtrend. This could be yet the bottom to be confirmed. We need a good breakout of the trendline to the upside with nice strong volume otherwise this could go back into ranging more for a long time or even continue falling despite the bullish bounce off this key monthly level.

TRADING PLAN AS FOLLOWS:

1. First we need to see a solid trendline breakout.
   
2. First TP would be 0.020 a psychological level. However, it could get pierced through so we need to monitor price action once it gets there.
   
3. My desired level is the weekly mean reversion area where price has struggled in the past and it's also a key flip zone but in the weekly timeframe. This area has been a magnet for price so it could get there again. TP here would be around 0.02470 - 0.02680
   
4. If the trendline breakout fails, close position at breakeven IF price goes sideways and no direction whatsoever or it hits stop loss.
   

I suggest to SPOT rather than futures as this is a counter trend trade set up. Risk is higher unless you follow rules strictly per your plan.

Hope you find analysis useful!
Kina 🙏

10 nov. 2023

Trade fermée: cible de profit atteinte

GG all targets met accordingly!