Basic cycle theory.
Parabolic wave, breakdown, lengthy bear market and consolidation phase - now followed by an upward move which leads into the next sizable parabolic wave.
Note the following from my 15m chart:
A) Iota is currently in an ascending triangle (uptrend). It is also running out of space and looks like it will break around 4pm EST.
B) The 50 day moving average is currently acting as a support.
C) A cup and handle has formed which is a strong indicator of an up move.
D) The key here is the purple resistance line, it...