IOTA turned sharply, retracing to support in the $1.60's. What we thought was going to be a bullish
breakout has unfortunately turned out to be bearish
. We have extended the corrective phase of this impulse wave. Though this is still a reasonable pullback from a technical perspective, it is starting to become worrisome. We have support from below at the central moving average of the KRI
at $1.50, then at $1.45, a Fibonacci level. Levels from above at $1.84, $1.78, and finally from $1.68, the lower bound of a congestion zone, will all provide resistance now. After that $2 and $1.95 are reasonable, and we must break these before we hit $2.20, after which, there is a relative vacuum zone until $2.25.
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