Bitcoin Price Completes Saucer Formation, With Recent Dips Can It Continue Handle? Long Hedges Intact
Crypto Technicals: IOT/USD recovery fails shy of 200-DMA, resumption of downside likely
IOT/USD chart - Trading View
Exchange - Bitfinex
Technical Analysis: Bias Bearish
Support: 0.2741 (May 8 low), 0.2715 (88.6% Fib), 0.2565 (trendline)
Resistance: 0.3386 (200-DMA), 0.3571 (61.8% Fib), 0.3719 (converged 55 and 110 EMA)
IOT/USD is extending weakness for a second straight session, trades 2.92% lower at 0.3065 at 11:00 GMT.
Recovery in the pair was capped shy of 200-DMA and doji at highs dents upside.
Price action has slipped below 5-DMA and scope for downside resumption on break below 200H SMA.
55-EMA is offering stiff resistance on the 4H charts. Price action has resumed downside after consolidating below.
Break below 200H SMA (0.3025) will see test of 88.6% Fib retracement at 0.2715 ahead of 0.2351 (Apr 26 low).
On the flipside, breakout above 200-DMA negates bearish bias.
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