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Crypto Technicals: IOT/USD starts the week on a bearish note, technicals support further downside

IOT/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.2500 (Trendline); Resistance: 0.2711 (21-EMA)

Technical Analysis: Bias Bearish

IOT/USD has started the week on a bearish note, technical bias strongly bearish.

The pair was trading 1.96% lower at 0.2620 at 07:45 GMT, scope for further downside.

Recovery failed at 110-EMA resistance (0.2821), price action has slipped below 100-DMA.

Stochs and RSI are sharply lower, RSI has slipped below th 50 mark. -ve DMI crossover on +ve DMI adds to the bearish bias.

Next major support is seen at 0.25 (rising trendline). Violation there will see further downside.

5-DMA is immediate resistance at 0.2661. Breakout at 110-EMA required for bearish invalidation. 
 

By Anupama Grandhi
  • Market Data
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