Crypto Contest May 15: IOTA

IOTA (Bitfinex: IOTUSD) has broken out of the triangle pattern in the weekly chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, IOTA began a wave one advance in July 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in December 2017, and the red wave two (blue sub-waves a-b-c) correction ended in December 2018. If this wave count is correct, IOTA should be heading next towards the December 2017 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

IOTA is a distributed ledger technology to function as the backbone of the Internet of Things. Dominik Schiener,

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.