Follow up of my yesterday's 1 hour chart based analysis where a long bias was given at around 4.
IOTA/USD
CMP 4.80
Target 5.50 plus
Right Wedge breakout observed with extremely high volumes.
Signifies great momentum based bullish pattern.
5.50 is a conservative target.
Can go further beyond 5.50 close to 7 plus if short term volatility is ignored.
IOTA / USD CMP 1.91
Daily chart
Bias : Long
Rationale:
1) Price breaks upward trending resistance line with huge volumes.
2) Further complemented by penant breakout which resulted in the current spike.
3) Good one to go long with a target of 2.25 plus.
4) View not valid if price drops below 1.65.
