IOTBTC Price Analysis – June 17
Considering the downward-looking intraday of the RSI on the further downside, we see that correction looks likely at this stage. However, the sell-off may be limited by $0.000046289.
Demand level: 0.000060392, 0.000055084
Supply Level: 0.000046289, 0.000040878
IOTBTC Long term trend: Bearish
Even with a weak opening, the market managed to close above the previous days open and close forming a bullish structure. On daily charts, IOTUSD has capped by $0.000050000 with the RSI downwards the trend line barrier.
Prices are trading close to key technical support at 0.000046289 and the trend is bearish in the long term.
IOTBTC Short term trend: Bearish
The 4-hour chat has shown to be bearish despite its structure, while prices are trading close to the key technical support at 0.000046627, the market conditions for the IOTBTC shows the bearish momentum will continue for a while and its currently in play and therefore confirming the level at 0.000055084 where activity for sellers is currently activated.
The trend for the pair is bearish and what follows is that the downside momentum may now gain traction, but any bullish momentum will likely fade away quickly.
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