Clearly, IOTA / USD decided to move down the upward trend channel. Thus, no wave v more could arise. Instead, a triangle-like correction formation is currently forming, with the price range becoming ever closer.
Charttechnisch considered a 50/50 situation when someone asks the question of which side of the market is probably to break out. Looking at the chart, it currently looks like a reversal formation. Thus, probably the price would break on the bottom.
If that happens, the 25th of April lows at $ 1.63 are important and should not be undershot if possible on a daily basis, if you have short term put on rising prices.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy