IOT/USD Long-term Trend -Bearish
Supply zone: $1.4000, $1.6000, $1.8000
Demand zone: $0.600 $0.4000, $0.2000
IOTA is in a bearish trend in the long-term outlook. The bears kept the pressure up and broke the key demand zone at $0.9475. Price was further down to $0.7735 in the demand area.
The formation of bullish railway track a reversal candlestick pattern was an indication of the bulls return. The bullish momentum capped price at $0.9397 in the supply area before it became weak and the bears set in.
Each touch on the downward trendline 1or 2 results in a bounce. Price broke out of trendline 1 and closed below it. As long as price closes below either of the trendlines it thus reflects the bears' overall dominance of the market.
The stochastic is at 47 percent and its signal point up which implies upward momentum in price due to bullish pressure which may be a minor pullback in the overall outlook.
As the bears' pressure increases and more candles are formed below the two EMAs, $0.8500 in the demand area may be the bears' target in the long-term.
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