IOTABTC Price Analysis – June 13
IOTABTC is in a falling trend line compared with the earlier market sentiment and trend in April 2019, now each time to the lower edge of the channel trend line at level 0.000064670 and projecting a net increase in the near term.
Demand Level: 0.000078891, 0.000064670, 0.000059848
Supply Level: 0.000049990, 0.000045704, 0.000040132
IOTABTC Long term trend: Bullish
Price is forming a continuation pattern to the upside by turning in a wave-like trend from the supply level at 0.000040132 in the long term towards the upward progression. Watching the strong price action at the current level at 0.000054057 for the upward movement shows it’s a wave reversal pattern in play from the level at 0.000040132.
Though the pair is experiencing a short term downtrend, this could be just a correction for the medium and long term bullish condition, which signifies that price may later consolidate around the demand level at 0.000078891.
IOTABTC Short term trend: Bearish
After trading as low as level 0.000052901 during the day, the market found support at the RSI level 40 while it is usually interpreted as neutral due to below average 50 mark for the RSI, it has shown to be bearish after the movement towards the oversold line for IOTABTC around May 2019, as prices bounced off low level at 0.000045704 on the 4-hour chat.
Sellers are looking for a short term push towards the downside due to upside stops close to being triggered around the level at 0.000059848. Hence, the downside momentum could speed up should IOTABTC mark new lows for this month.
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