IOTA has been trading in a tight range for the past two days, close to the critical support at $0.9150.
The IOTA/USD pair has formed a small bearish descending triangle pattern that will complete on a breakdown of $0.9150. This will give a pattern target of $0.5721. Therefore, we suggest to stop losses on the existing long position if the digital currency sustains below $0.8850.
On the upside, a break out of the downtrend line of the descending triangle will be the first sign that the worst is over. Until then, all pullbacks will be sold into.