IOTX - Descending Triangle - Potential Long
Potential long trade with a break and retest of 0.051. At the beginning of the month we completed a formation of a descending triangle as seen here. The recent bearish price action appears to have been a false break to the downside (for now), however we will continue to watch closely BEFORE entry. The bounce at 0.039 did happen to occur at the 0.618 Fibonacci zone, however it would not be far fetched for price to continue lower for further liquidation before we see a significant rise in price.
TP 1: 0.067
TP 2: 0.09
SL: 0.047