Primary analysis on with emphasis on gaps. The Current Buying Void is an area of low that appears to be a ceiling at this time. The Current Catch is an area where the price is being propped up with decent . The Void is an area that had very little during the recent rise but acted as resistance later.
This is a breakout trade on a short timeframe of <2 days. The strategy is to buy or sell when the appropriate line is crossed. Then, close in the target zone. It is very possible that the targets are not generous enough and profit will be lost by my conservative closing prices.
Bitcoin's price action could greatly influence the outcome. Bitcoin's movement voids this entire analysis or could force IOTA's price past the target ceiling or catch.
** Note: the orange lines are an attempt to project where the cross of the buy/sell lines may occur. The area where the Buy Line is crossed is drawn based on the last two grind lines. The area where the Sell Line is crossed is based on the chart's last two high candles -- one line from the base-to-base and another line from wick-to-wick. This is just an experiment and will likely be way off.
1. a stop at $1.49
2. a trailing stop $0.035 after $1.49 is surpassed
Then, close at $1.49 or above.
Currently, the price ~$1.53. More resistance has been encountered.
I'll post new ideas later today on BTC and IOTA.
In the future, I will consider making the ~$1.62 level the target.