$IOTA

/USDT setup

🔍 Chart & Technical Overview

1. Intraday Support Zone

On the 15‑minute timeframe, IOTA shows a clear downtrend from the $0.1725 high, but price has found a base around $0.1696–$0.1699—a key short‑term support level .

If this zone holds and buyers step in, we could see a bounce toward $0.1714–$0.1725, marking a potential short-term reversal.

2. Chart Pattern Clues

The recent action resembles a descending channel or wedge, with a possible bounce forming at the lower boundary .

A classic support‑bounce scenario—watch for a reversal candlestick (e.g., hammer or bullish engulfing) to confirm momentum shift.

3. Momentum & Oscillators

Oscillators on intraday charts are currently neutral to slightly bearish—no oversold bounce, no overbought exhaustion .

Volume remains modest; a pickup during the bounce would strengthen the reversal thesis.

4. Long Trade Setup (your post)

Entry: $0.1695–$0.1702

TP1: $0.1715

TP2: $0.1738

SL: $0.1679

This aligns well with the support zone, offering a tight-range long with defined upside targets. A volume-backed breakout adds confidence.

📊 Intraday Chart Summary

Aspect Status/Level

Support Zone $0.1695–$0.1699 (current pivot)

Resistance/Wave Target $0.1714–$0.1725 (range high)

Pattern Descending channel/wedge forming

Key Confirmations Reversal candle, volume increase

Risk Management SL at $0.1679 protects against breakdown

🧠 Conclusion & Trade Insight

If support holds and we see volume recovery + reversal candle, the long setup is structurally sound.

Without confirmation, failure to bounce could push $IOTA back to $0.1670–$0.1650 in a deeper downtrend.

Keep an eye on volume and candlestick structure around entry—these will be your best confirmation tools.