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Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction

IOT/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.1825 (Trendline); Resistance: 0.2034 (5-DMA)

Technical Analysis: Bias Bearish

IOT/USD snaps downside, edges higher on the day to retrace above 0.20 handle.

The pair was trading 1.88% higher at 0.2011 at 10:00 GMT, after closing 3.42% lower in the previous session.

Recovery in the pair lacks traction, technical indicators do not support further upside.

GMMA shows both major and minor trend for the pair are strongly bearish and the Parabolic SAR also supports weakness.

Price action has been capped at 5-DMA which is immediate resistance at 0.2034. Series of strong resistance aligned till 0.2080.

Scope for test of trendline support at 0.1825. Break below will open downside for the pair. Fresh all time lows then likely.
 

By Anupama Grandhi
  • Market Data
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