Trade Recommendation: IOTA

If we look at the 1H chart, we’ll see a double bottom chart pattern. It belongs to a reversal group of chart patterns. If the market bounces from the uptrend line and 0.80000 support level, we’ll have to wait for a price breakout above the local swing high. It will be a confirmation of the double bottom pattern and further upward movement. Pending orders for buy should be placed at 0.92000 level. Stop orders must be below 0.758000 level. Profit targets are at 1.0000 and 1.10000 resistance levels. Also the part of trading volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Buy: 0.92000
Stop: 0.75800
Profit Targets: 1.0000 and 1.10000

The trading signal is based on Bitfinex chart.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.