IOTA ANALYSIS AND FORECAST (WED, SEPT 5TH, 2018): BEARS ARE ABOUT TO WIN THE BATTLE

A retracement to $0.6415 is expected
Last week, IOTA broke its downtrend line, surged to the 23.6% Fibonacci retracement level and recorded a monthly peak at $0.8152. This cryptocurrency failed to close above the 23.6% level, sliding down to the area of $0.7080.

IOTA (IOTUSD) D1 chart on September 5th, 2018
A symmetrical triangle has been forming on H4 timeframe with the slopes of IOTA price’s highs and lows converged at the 50.0% Fibonacci retracement level of the downtrend starting from the second week of August.

IOTA (IOTUSD) H4 chart on September 5th, 2018
This battle between the buyers and the sellers is about to be over with a breakout through the lower slope, which will drag the price of IOTA down to the point of 38.2% ($0.6415).
Written by nami.today
