Jerome Raymond
Sep 8, 2018 · 2 min read

IOT/USD Long-term Trend -Bearish

Supply zone: $1.0000, $1.6000, $1.8000
Demand zone: $0.4000 $0.2000, $0.0500

IOTA is in bearish trend in the long-term outlook. Bullish rejection occurred on 2nd September as wicks shows exhaustion coupled with the bearish spinning top formed at $0.7699 in the supply area and the daily candle closed below the 50-day EMA.

The broken supply area now a demand area at $0.6136 was broken on 3rd September with a large bearish engulfing candle and dropped the coin to $0.5617 in the demand area an indication to the bears take over.

The cryptocurrency went further down to $0.5269 in the demand area, but the bulls stage a minor comeback and pushed MIOTA up to $0.6236 to retest the broken supply area.
The bears returned to take control of the market and price was down to $0.5303 in the demand area.

Price is below the two EMAs with the stochastic oscillator in the oversold region at 20% and its signal pints down. The cryptocurrency may witness new low as the bearish momentum increased in the long-term.

$0.4772 in the demand area is the first bears’ target while $0.3940 in the demand area may be the second target.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Source link

https://terawattled.com/news/2018/09/08/iota-miota-long-term-price-forecast-3/

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