IOTA (& Bitcoin) Downtrend Update!
I posted this 21 hours ago, and here we are!
We have hit our first target of $2.2550, But I really don't think it'll hold as Bitcoin is looking really weak right now.
Should 0.618 OR 0.65 FIB levels would be enough to hold it there is something to be considered. In my opinion it all depends on Bitcoin heavily right now.
We saw a 5% drop in Bitcoin and IOTA dropped more than 11%.
This just shows how important Bitcoin's prices and support levels are for other altcoins.
In the end the possibility of IOTA holding .618 FIB region is pretty high but don't take out .786 FIB out of the site either. If things start to downtrend more this is where we'll go.
On the side note we are seeing a nice candle forming on 1HR bitcoin chart. This can possibly mark the end of downtrend or at least slow it down a bit.
Also note long wicks to the downside, this generally implies that the market very interested in buying at $9,500 region.
@VARUNPAHERWAR
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by varun paherwar from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.