Digital Currency/Stablecoin/Tokenization Series: Facebook’s Libra Gets Support From Singapore-Based Investors’ Consortium
Cryptocurrency Derivatives Series: Spotlight On FxWirePro’s BTC Long Hedges As Bitcoin On Verge Of $10k Trajectory Ahead Of Block-Halving
Blockchain Revolution Series: IBM Unveils New Blockchain Platform To Assist Emergency Inventories For Covid-19 Care
Regulatory Series On Cryptocurrencies: Eurozone Banking Community’s Inclination For CBDC And Blockchain Amid Pandemic Crisis
Cryptocurrency Derivatives Series: Uphold BTC Long Hedges As Bitcoin On Verge Of 7th Consecutive Weeks Rallies Breakout Stiff Resistance
Cryptocurrency Derivatives series: Quick Run Through On Bitcoin Hedging Dynamics On Renewed Sentiments Ahead of Halving Event
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
IOT/USD chart - Trading View
Exchange - Bitfinex
Support: 0.3612 (21-EMA); Resistance: 0.4007 (5-DMA)
Technical Analysis: Bias Bearish
IOT/USD extends grind lower, trades at 0.3746 at 12:00 GMT.
The pair has breached 5-DMA and is currently holding support at 21-EMA.
Technical indicators on the daily charts are turning bearish.
Stochs and RSI have rolled over from overbought territory and are biased lower.
MACD is on verge of bearish crossover on signal line which if confirmed will add to the bearish bias.
Break below 21-EMA will see weakness. Scope for test of 200-DMA at 0.3185. Retrace above 5-DMA (0.4007) negates bearish bias.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.