alexcrypto

$IOTBTC - Following bitcoin down?

BITFINEX:IOTBTC   IOTA / Bitcoin
IOTA had a sensational rally and is now consolidating in a simmetrical triangle pattern .

Historically IOTA had a correlation to BTC price movements against USD. If it still hold true and Bitcoin starts a correction IOT/BTC will follow.

Bullish Scenario

If we break to the upside a top of +40% from the breakout could be possible.

Take profit along the way in order to manage risks at +25% at the 0.382 fibonacci retracement .

Bearish Scenario

The ichimoku TK bearish recross is showing us that the bearish momentum still valid and a tendency for the price to fall more is quite likely.

If we break on the downside we find support at the 1515 mark at a -32% from the breakout.

Always wait for confirmation as this is a very volatile period with traditional market players (eg CME ) entering the space.

Trade safe.

If this trade made you some money. Tips are welcome.
BTC: 372Yed5cnXoHN14a8sdwho7L5uYRxjYQYK
Trade active: Entered at the breakout as per the analysis.
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