IOTA/USD Medium-term Trend: Ranging Resistance levels: $0.35, $0.40, $0.45 Support levels: $0.26, 0.23, $0.20

As at the time of writing today, IOTA/USD market has been showing a line of weak price movements around $0.30 mark. $0.32 upper price mark has remained the high market point that the crypto has been continually resisted barely over a week.

The last low market level was obtained closely to $0.28 horizontal line on January 14 while the USD couldn’t press the market southwards further. The Bollinger Middle Band is a bit located over the 50-day SMA within $0.32 and $0.30 marks. The Stochastic Oscillators have started consolidating their movement around range 20.

Should there be any effort of intensifying the consolidation movement on the part of Stochastic Oscillators; that may basically lead into bears’ force driving the market southwards further.

Yesterday, after a notable range movement in the IOTA/USD short-term trend market, the crypto declined from around a $0.32 high markdown to around $0.29 price level. Thereafter, the pair stylishly made a short pull-back to range around $.30 price level.

Today, the crypto spiked to cover up the major $0.31 and $0.30 short-term range zones as at its first trading hour session. The subsequent hours have been witnessing different degrees of range price movements within the said zones. The 50-day SMA is situated above the Bollinger Bands at a close range. The stochastic Oscillators are consolidating at around range 50.

There are indications that this crypto-market may still have to witness more downwards than upwards in its price movements. Therefore, a trader may look out for a good sell set-up before launching a position.

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

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