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IOT/USD Long-term Trend -Bullish
Supply zone: $0.8000, $1.000, $1.2000
Demand zone: $0.4000 $0.2000, $0.0500
IOTA in a bullish trend in the long-term outlook. After dropping the cryptocurrency to a low of $0.4708 in the demand area on 11th October with a large bearish engulfing candle, the bears lost momentum hence further downward rejection at the demand area.
The bulls gradually made a return with an initial push of IOTUSD to $0.5120 and later to $0.5600 in the supply area on 15th October.
The bears returned was evident of the 15th October as price was pushed down forcing the candle to close at $0.5134 from a high of $0.5600. The bearish pressure was sustained with the cryptocurrency down to$0. 4904 in the demand area on 19th October.
The formation of the bullish railroad on 20th October was a signaled that the bulls were back. IOTUSD was up $0.5140 in the supply area.
IOTA give a nice W pattern. The right arm is been formed $0.6000 in the supply area may be attained with increased bullish momentum in long-term.
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