We are looking at 1 day chart and IOTA seems to be moving in a falling wedge pattern which is a bullish formation.
The blue rectangle indicates a major support area for IOTA which is not expected to break.
Therefore traders and investors can either start building small positions near this value only OR wait for IOTABTC to break further 5-10%.
But keep in mind, the support level also depends on the movement of BTC. If, BTC does break below $5900 levels, IOTA may be ready for another sharp fall and the blue rectangle might not hold.
Thus keep tight stop losses under the blue rectangle.
The blue rectangle indicates a major support area for IOTA which is not expected to break.
Therefore traders and investors can either start building small positions near this value only OR wait for IOTABTC to break further 5-10%.
But keep in mind, the support level also depends on the movement of BTC. If, BTC does break below $5900 levels, IOTA may be ready for another sharp fall and the blue rectangle might not hold.
Thus keep tight stop losses under the blue rectangle.