IOT/USD Long-term Trend -Bearish
Supply zone: $0.6000, $0.7000, $0.8000 Demand zone: $0.1000 $0.0800, $0.0600
IOTA is in a bearish trend in the long-term outlook. Although the week started on a bullish note at $0.3751 as MIOTAUSD rose to $0.4058 in the supply area on 6th January. The formation of a spinning top by the daily candle with wicks seen in the candles around the area indicates bullish exhaustion and trend transition.The double top still has a prevailing effect on the cryptocurrency.
The bears gradually return as indicated by the bearish doji but the final takeover of the market was confirmed by the large bearish engulfing candle on 10th January as the cryptocurrency dropped to $0.3008 in the demand area.
The journey down south may continue in the long-term as confirmed by the signal of the stochastic oscillator which points down at 16% which connotes downward momentum. Price is below the two EMAs an indication of strong bears pressure. The 61.8 or 78.6 of the fib levels may be attained as more candles formed and closed below the two EMAs.
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