IOTA. Aditional sell-off ?Timeframe: 240M
Main Scenario:
IOTA/USD
IOTA is now trying to recover from a long drop from $ 0.91 to $ 0.67, the lowest price since last November. IOTA has lost -8.16% in the last 24-H and now is moving at $ 0.7882. Several bad news for the currency might have sent the price down and technical factors are not helping too much. This negative scenario seems to continue in the medium term and we could see the price even lower before a recovery.
Alternative Scenario: If the price can cross the central Pivot Point at $ 0.82 it might climb to look for the Pivot R1 very close to the Fib Retracement of 61.8% at $0.89.
Entry/Stop Loss/ Take Profit: We can place a short entry $ 0.8101 (Fib 38.2).
T1 = $ 0.7111 (13.9 %)
T2 = $ 0.6411 (20.86 %)
The Stop Loss can be placed at $ 0.8544 (-5.26%)
Duration: Medium-term
Consolidation/Ratification level: If the price crosses the first target, you can drag the stop loss to the entry point or even lower.
Risk Management: Risk/Reward Ratio: 3.97
Warning Level: You should consider going short even at a higher price close to the central pivot point or waiting for a confirmation of a bounce there before entering the trade.
