IOTA struggles

Taking a quick look at IOTA/BTC, we observe that a H&S formation has been printed over the past couple weeks. It has however found itself moving towards the green 50 Day Moving Average.

The strategy here,
Look for that 50% Fibonacci level, right around 0.0002000. If it doesnt hold, and closes a strong candle under this level, we should see IOTA to falter to lower levels. The lowest support threshold should find itself on the 23% Fibonacci level, around 0.00016000 - 0.00017000 mark. i would consider this a great buy level. Personally i would wait this one out, given we're been through a relatively prolonged altcoin uptrend this past month.

The alternative scenario is IOTA to bounce off its 50 Day Moving Average, breaking a key resistance level at 0.00024000. These two conditions must be met in order for IOTA to resume its uptrend, reaching for new highs. For the bullish play here, a long position could be take at the 50% fib/green 50MA, with a tight stop loss around the 38% fib level.

* Not financial advice *