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. The strong bullish pressure did push price up at $0.4067 in the supply area for a retest as predicted last week. This occurred on 2nd January as the momentum to the upside was temporarily lost.

The touch of price at this area created the double top formation. Furthermore, a bearish spinning top and a doji formed thereafter are signs that the bears are much presence.

With the stochastic oscillator signal pointing down at the overbought region of up at 63% and price hovering around the EMA. These suggest a minor downward momentum in price of the cryptocurrency in the days ahead before upward trend continuation.

Price above the two EMAs and within the 23.6 fibs, a drop to the 38.2 may occur which is s trend continuation zone. This should be seen as a pullback necessary for a market correction before the resumption of uptrend continuation as the long-term outlook is still bullish.

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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