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Weekly forecast IOTA / BIT technical chart

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Trade Setup

Total Profit: 143840 pip (8%)
Closed trade(s): 0 pip Profit (0%)
Open trade(s): 143840 pip Profit (8%)

Trade Setup:
We opened 8 BUY trade(s) @ 21.53628 based on 'Valley' entry method at 2021.07.31.

Open Profit:
Profit for one trade is 21.71608(current price) - 21.53628(open price) = 17980 pip (1%)
8 trade(s) still open, therefore total profit for open trade(s) is 17980 (1%) x 8 = 143840 pip (8%)

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJuly 31, 2021 - 22:34
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 18.20995, beginning of uptrend is expected.
  • We make sure when the resistance at 26.50000 breaks.
  • If the support at 18.20995 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
  • There is a divergence in RSI and price between the trough at 21.02685 on 2021-06-22 and the trough at 18.4848 on 2021-08-02, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 19.35850 on 07/30/2021, so more gains to resistance(s) 23.04460 and maximum to Major Resistance (26.50000) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 49.

Take Profits:

  1. 23.04460
  2. 26.50000
  3. 30.06690
  4. 32.33440
  5. 36.95930
  6. 39.11580
  7. 43.65195
Click on the level to view price action history.

Symbol Released Current Forecast
IOTA / BIT (IOTABIT) new Wed, 15 Sep 2021
IOTA / BIT (IOTABIT) free Sat, 4 Sep 2021
IOTA / BIT (IOTABIT) free Sun, 29 Aug 2021
IOTA / BIT (IOTABIT) Sat, 21 Aug 2021
IOTA / BIT (IOTABIT) Mon, 16 Aug 2021