Szenario of the last analysis still intact, but unfortunately IOTA is not that kind of bullish that I expected, so I adjusted my targets a bit.
IOTA did not manage to break up the last 1.25 high, instead it formed a new resistance line (green dotted).
A break above this line could lead us to a short term target around 1.45, which is the 1.618 fib extension of wave 1 and also the 0.5 fib retracement measured from the 2 usd resistance to the recent lows.
On the other hand we broke below the small upward channel and now face the danger of breaking below the big channel until finding possible support at the sidewards trendline.
If there isn't a strong reaction around this area, worst case would be a break below this line and falling back into the crash pattern, probably breaking down further supports.
So let's see how it plays out.
IOTA did not manage to break up the last 1.25 high, instead it formed a new resistance line (green dotted).
A break above this line could lead us to a short term target around 1.45, which is the 1.618 fib extension of wave 1 and also the 0.5 fib retracement measured from the 2 usd resistance to the recent lows.
On the other hand we broke below the small upward channel and now face the danger of breaking below the big channel until finding possible support at the sidewards trendline.
If there isn't a strong reaction around this area, worst case would be a break below this line and falling back into the crash pattern, probably breaking down further supports.
So let's see how it plays out.