IOTA VS Bitcoin Uptrend Continues

After reaching the btc 0.00044 high, Iota almost immediately has corrected down to btc 0.00017, losing 60% to the Bitcoin. Following consolidation between btc 0.00030 and 0.00017 is going on now for nearly two months.

IOT/BTC has rejected the 61.8% Fibonacci support level multiple times and with the last bounce of that support level, occurred last week, the 8/1 Gann Fan trendline has been rejected cleanly as well.

This could be first signals of the end of consolidation period and continuation of the long-term uptrend. The price is certainly attractive for buyers and least for the short term investment. The first resistance is at 23.6% Fibs that is btc 0.00035 level and should play the key role in further price development. Break above it should confirm the long-term uptrend, while the rejection could prolong the consolidation period.

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