IOTA had an unprecedented bull run but seems like that after the last rally we might start a correction.
We already pullback around 35%, and we are now resting on the Kijun on the 2H chart.
Indicators are all pointing bearish and this could be a turning point.
Bullish Scenario
A descending wedge has formed and has bullish bias. If price breaks on the upside we could see a rebound to previous higher with steps on the way as per the fibonacci.
As always wait for confirmation before entering this trade as indicators all have bearish bias.
TP along the way with maximum gain of around 54%
Fundamentals still strong and this scenario could be probable.
Bearish Scenario
With a solid break of the Kijun we might see further drop up to 50% (unlikely). The more likely target at this stage is a retrace to the 0.5 retracement (around 20% drop)
As always take profit along the way as per the fibonacci retracements.
This scenario is more probable techincally.
Trade safe.
Tips are welcome BTC: 372Yed5cnXoHN14a8sdwho7L5uYRxjYQYK (segwit tx also with the above)
@fairplay47, We broke downwards. Following the red arrow at the moment. When BTC goes sideways new patterns might develop and I will have another look.