The last time when I made a negative analysis for IOTA a lot of people claimed, that it would be false. IOTA never will fall as deep as I had mentioned (0.34$).
And, yes, temporarily I thought they could be right and my analysis had been too negative for this token.
But meanwhile the token had left its consolidation path, entered a new negative trend channel (red) and fell to 0.48$ - not so far away from my older analysis.
But what didn´t happen yet could happen in the near future.
IOTA has left the falling channel to the side - what is a good sign. And if it had rosen to higher prices immediately after leaving the channel I would have concluded that the bearish trend has finished. But instead rising it stayed on the lower level. Every try to break out to the top was lower than then previous top.
IOTA now has reached the peak of the wedge and it is to be expected that it´ll fall - at least on the upper limit of the negative trend channel (scenario I), because there it reaches the very important support consisting out of the Zero-line of fib retracement (0.34$). This has been the aim in my older analysis, too. And on that level we could also consider the ending of the long corrective wave c (EW).
But there is also another possibility, that IOTA would break the support and reenter the negative trend channel (scenario II).
In this case IOTA could even cross the channel to its lower limit and would reach prices around 0.19$. On this level we had the first rush from IOTA in july 2017 - to august 2017 (0.17$ - 1.05$).
I think the difference between I or II depends on the volume which is in the market. Hopefully it´ll come back at time.
This is no trading advice.
And, yes, temporarily I thought they could be right and my analysis had been too negative for this token.
But meanwhile the token had left its consolidation path, entered a new negative trend channel (red) and fell to 0.48$ - not so far away from my older analysis.
But what didn´t happen yet could happen in the near future.
IOTA has left the falling channel to the side - what is a good sign. And if it had rosen to higher prices immediately after leaving the channel I would have concluded that the bearish trend has finished. But instead rising it stayed on the lower level. Every try to break out to the top was lower than then previous top.
IOTA now has reached the peak of the wedge and it is to be expected that it´ll fall - at least on the upper limit of the negative trend channel (scenario I), because there it reaches the very important support consisting out of the Zero-line of fib retracement (0.34$). This has been the aim in my older analysis, too. And on that level we could also consider the ending of the long corrective wave c (EW).
But there is also another possibility, that IOTA would break the support and reenter the negative trend channel (scenario II).
In this case IOTA could even cross the channel to its lower limit and would reach prices around 0.19$. On this level we had the first rush from IOTA in july 2017 - to august 2017 (0.17$ - 1.05$).
I think the difference between I or II depends on the volume which is in the market. Hopefully it´ll come back at time.
This is no trading advice.