IOT/USD Long-term Trend -Bullish
Supply zone: $1.6000, $1.8000, $2.0000
Demand zone: $0.800 $0.4000, $0.2000
IOTA continues in a bullish trend in the long-term outlook. The bulls are fully in control of the cryptocurrency as it witnesses a fresh high on 4th of July at $1.2551 in the supply area.
The formation of engulfing candle announced the bears returned as price was pushed down to $1.0266 in the demand area, below the 10-day EMA.
This demand area is the 61.8 fib level of the upward movement that commences on 29th of June also it is a reversal zone, it implies that the bulls may stage a strong return at this level.
The week opened bullish with $1.0661 compared to last week opening of $0.9758. This connotes buyers presence and pressure that may lead to price at $1.3000 in the long-term outlook.
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