2018-12-15 20:00 |
IOT/USD Long-term Trend -bearish
Supply zone: $0.4000, $0.5000, $0.6000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA continues in a bearish trend in the long-term outlook. The strong bear pressure pushed the cryptocurrency to a new low as the journey down south gathers momentum. $0.2128 was the low of 8th December while $0.2064 in the demand area was this week low made on 14th December as the day ended as a bearish hammer.
The bulls are gradually staging a return with price up at $0.2257 in the supply area. This move should be seen as a retracement for the market correction before downtrend continuation.
Price is below the broken demand area and the two EMAs. The EMAs remained fanned apart which imply strength in the context of the trend and in this case the downtrend.
The stochastic oscillator is within the oversold region at 13% and its signal points down which suggest downward movement in price as the bears' pressure becomes much stronger after the brief pullback in the long-term. $0.1500 in the demand area remain the bears' target.
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