All Credits to cryptopost / Original Post https://goo.gl/ATYibA
Following the previous idea on Iota VS Bitcoin, it went higher as expected breaking above the descending channel. But the question is how far more it’ll go?
After breaking above the channel IOT/BTC corrected down to 71k satoshi and almost immediately went up to 448k satoshi. Fibonacci applied to the corrective wave after the breakout shows that price broke the 727.2% resistance level and corrected down sharply.
The correctional wave stopped at 4/1 Gann Fan trendline, that is 17.5k satoshi support. The consolidation period followed and this weekend price rejected the 200 Moving Average, suggesting that Iota is ready to go higher. The next Fibonacci resistance is at 827.2% retracement level that is 476k satoshi and this is where the expected upside target is.
The support remains at 17.5k satoshi, and there is a possibility that it will return back to this support, perhaps spiking lower. But in any case, the price is expected to grow and high the upside target in the short to medium term.