IOTX is poised for a downturn after breaking market structure, setting up a lucrative short opportunity. Current price action is confirming a bearish outlook.
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$IOTX SHORT 📉
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📍 Entry Range: $0.003006 – $0.003012
🛑 Stop Loss: $0.003099 (-3.0%)
🎯 TP1: $0.002964 (+1.5%)
🏆 TP2: $0.002859 (+5.0%)
⚡ R/R Ratio: 1:1.7
📊 Confidence: 64%
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The CHoCH signal fired as IOTX broke down from a key level, with CVD indicating volume is on the side of the bears, while FVG and OB are overlapping at a point of interest, creating a high-confidence short setup. This zone matters because it's where buyers previously stepped in, but now look set to fail. The combination of these signals paints a bearish picture.
With a 3.0% stop loss, this setup allows for moderate leverage, fitting for a trade with a 1:1.7 risk/reward ratio, though some may find the stop loss a tad tight.
Taking partial profit at the first target makes sense to lock in some gains, as the price action could get choppy around the next major support level.
As always: manage your risk, this is not financial advice 🙏
$IOTX #IOTXUSDT #SMC #TradingSignals #Write2Earn