After the pump caused by the news of IOTA's partnership with Jaguar Land Rover, it had since then fully retraced and fallen back down. This is highly bearish as it shows a lack of follow through and continuation from the bulls. IOTA/BTC pairing is currently showing a very decent risk to reward for bears as a breach of the recent low, which is also the all time low, will cause intense fear and a bunch of stop-loss cascade. There is no support left for IOTA, it's just a matter of when the support breaks. I believe this is a great gamble given the high r/r ratio here for shorts.
Comment:
Instant -5% as of now already. IOTA has one use case and it's for bears to short.
Trade closed: target reached:
Bitfinex:IOT/BTC failed to break new lows following Binance:IOTA/BTC despite the increase in IOTBTC shorts. Shows that bears are showing signs of weakness.