Chrysalis is a big upcoming update happening on the 24th of April for IOTA. Likely, the price will push up because of the event and might dump after it goes live, but we'll see about that later.
The current formation is known as a leading diagonal, which is a short-term bearish pattern, with a longer-term bullish outlay. This means that price dips 5 - 30% first, before initiating wave 3 of the 5-wave cycle from Elliot waves.
The dip may have already happened or not, just don't set your stop loss too tight or you get left out (my stop loss is at 1.10).
Targets
1. the first target is the first resistance formed around 2018 when IOTA started a huge dump, which is around 2.75 USD. check the BFX chart for IOTUSD to see this data.
2. the second target is the 1.618 extension of the current leg, which is somewhere around 3.
3. the last target is the ATH that IOTA reached somewhere around 2018, which is around 6. Also, check this on Bitfinex data.
Good luck traders and please don't over-leverage like I just did.
The current formation is known as a leading diagonal, which is a short-term bearish pattern, with a longer-term bullish outlay. This means that price dips 5 - 30% first, before initiating wave 3 of the 5-wave cycle from Elliot waves.
The dip may have already happened or not, just don't set your stop loss too tight or you get left out (my stop loss is at 1.10).
Targets
1. the first target is the first resistance formed around 2018 when IOTA started a huge dump, which is around 2.75 USD. check the BFX chart for IOTUSD to see this data.
2. the second target is the 1.618 extension of the current leg, which is somewhere around 3.
3. the last target is the ATH that IOTA reached somewhere around 2018, which is around 6. Also, check this on Bitfinex data.
Good luck traders and please don't over-leverage like I just did.