IOTA Retraces

IOTA has made new relative highs in the $2 handle only to give that up and retrace back to the $1.90's. Although we are drifting upwards, the lack of momentum is concerning. We would need a lot more than this to confirm entry into wave 3. Luckily, we are still above the central moving average of the KRI at $1.88, which will provide support. Other levels of support include $1.78, then $1.60, and finally we have $1.45, a Fibonacci level. Levels from above include $1.95 and $2. We must break these before we hit $2.20, after which, there is a relative vacuum zone until $2.25.

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