• The bears are in control of the market in the long-term outlook.
• Traders may consider selling at key support area with bearish reversal candlestick patterns.

IOTA/USD Long-term Trend -Bearish

Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600

IOTA long-term outlook is in a bearish trend. The bears sustained the pressure on the cryptocurrency with a further drop in price to the 50.0 fibs, a trend reversal zone at $0.3978 in the demand area.

Minor correction saw the 38.2 fibs retested as the bulls stage a comeback and the coin was up at $0.4678. The correction confirmed the bearish continuation in the long-term.

With price below the 10-EMA and the stochastic oscillator signal points down at 23%. These suggest a downward momentum in price in the days ahead.

A possible push to the 61.8 fib which is $0.3794 is probable. This is around the strong support at 50-EMA. A break and close below this may drop price further down to the 78.6 fibs at $0.3265 in the demand area.

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