Hi all, This is an update to my previous chart that had some slight drafting inaccuracy. We are still within channel and on track despite the recent price spike.
IOTA is forming a right triangle descending wedge . Minus the wicks, this forms an even horizontal support line at .82USD. When hinged with a 90-degree angle, the descending wedge forms.
Rule of chart shows this as a continuation and would elude to a downward trend. Given IOTA's rapid growth, I am skeptical and am partial towards expecting a faux shake-out to occur just below the .82 support line before an upward correction. If the trend continues beyond the .73 horizontal expect some more blood to come.
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We broke outward from channel but continue to test what was previously our resistance and is now functioning as our support. Appearing downward for the time being.