IOTA: Long Term Buy

IOTA dipped recently, tested support at a $0.4951, the 0.236 Fibonacci level, and has since rebounded. This has come one level off from our original assessment: that we'd see a dip to the lower anchor at $0.3440 to properly bottom out, then rebound back to current levels or above them.

Indeed, most cryptos have appeared to have bottomed out, and IOTA may be no exception. But we are still trepidatious at this point, because the hard lower bound for IOTUSD seems to be $0.40 for now. There appear to be two highly probable situations. First, we see IOTUSD collapsing further to test $0.40, before rebounding as we had hinted before. We also could see it break out further from current levels. If this is the case, we could easily retest $0.5886, before making a run for the $0.60 handle. Either way, IOTA seems like it is highly likely to return to the upper $0.50 handle soon, though the large wick on today's candle is somewhat foreboding as it indicates we are having difficulty sustaining today's highs.