Iota to Break Out in Coming Days?Iota too is coming to the end of a consolidation phase. If you follow the Quantium Research account, you'll know that Ripple became the first crypto to break out of the consolidation zone earlier. This is an indication that other cryptos, including Iota will be soon to follow, although that's not certain.
Iota's consolidation has been different to some others because it has taken the form of a rising triangle, an intrinsically bullish pattern which can be expected to break above the upper boundary once the pattern is complete. In this case, that may prove difficult since the upper boundary coincides with a 1.618 extension of the last swing up of the prior uptrend. This is providing more resistance. This level has been tested twice already throughout the construction of the triangle and both times the market reversed on higher than average volume. Will the market be able to break above on the next retest?
Possibly, but we don't need to predict. The market is just about at the level in question. The response here is important so watch what happens and act on what unfolds as you see fit. A breakout may see many enter longs. A reversal may see many initiating shorts. This time window is drawing to a close. We will know the outcome in the next few days, potentially the next few hours. Remember that if it does break out, it would not be the first of the major cryptos to do so and would be a bullish sign for other cryptos, including Bitcoin.
Watch carefully.
