In ElliottWave terms, IOTA has shown a clean impulsive 5 waves up from $0.14 to $1.10 this summer followed by a corrective 3-waves down move which is still in progress.
However, it does look like IOTUSD is nearing a bottom which should complete over the next few weeks. As with many cryptocurrencies, visualising the chart is best done in log scale and hence the fib levels themselves should be log-based. As such, I am looking for a bottom around the 0.618 retracement of $0.31 or the 0.764 retracement of $0.23.
While it could still technically retrace lower, a strong move below $0.23 would have me rethink the count though it's less likely to play out at the moment.
Once the correction is complete, the ensuing rise should take us to at least $5 and above in H1 2018.
However, it does look like IOTUSD is nearing a bottom which should complete over the next few weeks. As with many cryptocurrencies, visualising the chart is best done in log scale and hence the fib levels themselves should be log-based. As such, I am looking for a bottom around the 0.618 retracement of $0.31 or the 0.764 retracement of $0.23.
While it could still technically retrace lower, a strong move below $0.23 would have me rethink the count though it's less likely to play out at the moment.
Once the correction is complete, the ensuing rise should take us to at least $5 and above in H1 2018.
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