The IOTA share price was in a continuous decline against the Bitcoin share price between May 2018 and May 2018. Between January and August 2019, it followed a clearly visible trend channel that led the IOTA price in Satoshi to the bottom. Since then, IOTA has been in a consolidation phase vis-à-vis BTC, giving much hope that the IOTA price has bottomed out.
In fact, for a short time, it looked as if the IOTA share price would regain some upward momentum. On August 21, IOTA reached around 3,800 Satoshi, which is exactly 90% higher than the Bitcoin price. At the same time, this day marked another short-term turnaround in the IOTA price because, since then, the price has been steadily declining again. Responsible for this is a Bump, and Run Reversal Top Formation abbreviated BARR-Top Formation.
A BARR top is not necessarily easy to recognize at first glance. However, if you know what you are looking for, it simplifies matters many times over. It quickly becomes clear that the IOTA course has currently completed one. What this means for the IOTA price, I will explain in a moment. Now I will show you what a BARR top is and why the IOTA chart fits it.
The BARR-Top is divided into two phases. It starts in phase 1 with a rising trend line with a moderate angle of incline. In the next phase, the price rises steeply. A corresponding new trend line should have at least a slope angle of 60 degrees. The price forms a rounded top and then falls back to the first, less steep trend line. During this phase, the price reaches a significantly higher high than the highs during the 1st phase. By definition, it is only a bump and run reversal top if the high is at least twice as high as Phase 1.
After reaching the first trend line again, there may be another short rise before the price collapses again or runs along the trend line. This is another feature of the IOTA price. The formation is complete when the price finally breaks through the trend line. This was the case on the IOTA/BTC chart on September 16. As a result, a small pullback was back to the said trend line, where the IOTA price rebounded again.
The minimum price target is reached or exceeded in 88% of the cases. This makes a BARR top a very reliable formation.
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