Description
⋅ 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