Although BTC is what drives the market ultimately, the price action in alt coins can provide clues as to how the wave structures in bitcoin is unfolding.
Here in IOTA, we have a similar 3 wave up structure as to bitcoin during the bounce from June 24th.
Unlike BTC that started to form a wedge like structure, IOTA did not.
Instead, IOTA is printing a clear 3-3-5 corrective pattern.
The question now is whether wave C is completed or not.
My opinion is that we are still in wave 4 of C (which is an irregular flat) which should form a 5 wave structure to the downside terminating at around $1.07-$1.12.
It is also a possibility that the 5 wave structure in wave C has been completed. If this is the case, we can expect to test lows beyond that of June 24th.
All in all, IOTA is printing a corrective pattern to the upside, which means an impulse to the downside is imminent.
If IOT has to fall, bitcoin must lead the pack.
Although there are high uncertainties, if you are trading with a plan you will be fine.
Here in IOTA, we have a similar 3 wave up structure as to bitcoin during the bounce from June 24th.
Unlike BTC that started to form a wedge like structure, IOTA did not.
Instead, IOTA is printing a clear 3-3-5 corrective pattern.
The question now is whether wave C is completed or not.
My opinion is that we are still in wave 4 of C (which is an irregular flat) which should form a 5 wave structure to the downside terminating at around $1.07-$1.12.
It is also a possibility that the 5 wave structure in wave C has been completed. If this is the case, we can expect to test lows beyond that of June 24th.
All in all, IOTA is printing a corrective pattern to the upside, which means an impulse to the downside is imminent.
If IOT has to fall, bitcoin must lead the pack.
Although there are high uncertainties, if you are trading with a plan you will be fine.
Trade closed manually:
profit taken, marvelous trade
Comment:
wrong update, sorry