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IOTAUSD Creating a Triangular Pattern: Buyers waiting for a Bullish Breakout

CryptoRocket

IOTA is a major player in the use of blockchain, focused on the Internet of Things. Its blockchain technology is specially designed to execute transactions between machines and internet devices in the IoT ecosystem. IOTA's ledger uses a cryptocurrency called miOTA.

Since March 13, Iota has been creating an ascending channel, as happens in the rest of the crypto sector. IOTA has appreciated 225 percent since March 13, but it continues its underlying bullish stance. The current situation sees this digital asset creating a triangular formation. Triangles are typical consolidation patterns, meaning the price settles for a time in a shrinking trading range and then usually breaks following the previous trend. In this case, the most probable outcome is the triangle to be broken to the upside.

Fig 1 - IOTA 4H Chart

The 4H chart shows the price inside the triangular figure with the key levels at play. The price moves on the upper side of the channel, and we see that the regression line (white dotted line) has been supporting the price lately. We also see the RSI moving sideways under the 60 level and the Bollinger bands shrinking, as the price still is on the upper side of the bands. This reinforces our vision of a bullish setup.

A potential plan could be the following:

    • Long Entry: Buy stop at $0.20725
    • Invalidation level: 0.193
    • Take profits: 50% at 0.23 and 50% at 0.2389

Reward/Risk: 1.95 approx.

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Source: https://www.cryptorocket.com/news/iotausd-creating-a-triangular-pattern-buyers-waiting-for-a-bullish-breakout/
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