2019-2-10 11:23 |
IOT/USD Long-term Trend -Bullish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA is in a bullish trend in the long-term outlook. After a drop to $0.2383 in the demand area the bears lost momentum and failed to continue the downward movement on 6th February.
This sets the bulls up for the journey to the north with the formation of a bullish railroad at $0.2445 on 7th February.
MIOTAUSD rose to $0.26260 in the supply area. Increased momentum led to the break of the 10-EMA as cryptocurrency rose to $0.2941 on 8th February with the week ending as a bearish spinning top.
Minor draw down may occur in the days ahead but this should be seen as a correction to the strong bullish move before the resumption of upward movement.
Price is above the 10-EMA and the stochastic oscillator signal points up at 72%. This suggests an upward momentum in price in the long-term. A retest and breakout at $0.3000 is imminent as the bullish pressure becomes stronger and more candles opened and formed above the EMA.
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