#Iota update: Bullish scenario #IOT #crypto $iotausd

Iota has started an impulsive wave sequence
Currently it is being supported by 20 & 100 DMA's at 1.68 & 1.61 repectively.

Wave 1 made a swing high of 1.66
Wave 2 retraced till 61.8fib

Currenly Iota has broken above the Wave 1 high at 1.66.

Wave 3 expected as 1.618 ext of Wave 1,

T1 comes at 2-2.05

Wave 4 bullish 38.2fib retrace around 50DMA support

Wave 5 expected as 1.27 ext of Wave 1,

T2 comes at 2.25-2.30

A more bulish count may also be possible with Wave 3 taken as 2.618 ext of Wave 1
taking that into account:

T3: 2.60-2.75

Stop below 100DMA support: 1.6

Comment:

#IOTA +6% since entry,

showing good momentum now, heading for

Target 1: 2-2.05
SL trailed to 1.7

Comment:

#IOTA Targets updated:
Wave 3 was a 1.18fib ext of Wave 1, making a swing high of 1.9.
Next Targets for Wave 5, if we break above 1.9 are:
T1:1.97 (0.618ext)
T2:2.1 (1:1 ext)
T3:2.3 (1.618ext )
Stoch rsi moving up from oversold region, stoch & rsi above 50 and curving up, indicating momentum is picking up.

Comment:

#Iota update:
50DMA break is important for $iota, currently at 1.87, historically data when #iota has broken 50DMA:
22 May: -23% drop in 8 days
14 April: +104% in 19days
16 Jan: -74% drop in 81days
9 Nov: +1024% in 27 days
8 Sept: -47% in 55days
4 Aug: +240% in 13 days
For confirmation of the break we need two Daily candle closings above the 50DMA which is currently at 1.87

Comment:

#IOTA update: Yesterday $iota managed to close above 50DMA level, however stoch is showing overbought levels as well as stoch rsi, which needs a reset, so we can see a retest of broken 50DMA resistance(1.88) as a possible support level.