IOTBTC Price Analysis – June 18
The bears are in full control today and moving the market lower throughout the whole session and closing below Sunday’s low at 0.0000483. IOT confirmed breakout to key technical support zone on the level at 0.000046627.
Demand Level: 0.00004627, 0.000060392
Supply Level: 0.00004627, 0.000040878
IOTBTC Long term trend: Bearish
Prices have broken towards key technical support zone on the level at 0.000048120, which is supposed to act as resistance as we go forward.
In the overall outlook, it is looking to resume uptrend and on the flipside here, selling could speed up should prices move below the nearby swing low on the level at 0.000040878 where further bears might be triggered through the prior session low after trading up to the high on the level at 0.000060392 below intraday.
IOTBTC Short term trend: Bearish
Crossing the moving average down, we see prices have shown an unusually strong downward momentum in the short term as signaled by the bullish trend line in the 4-hour chat. After having been unable to move above the level at 0.000050000 in the previous session, the cryptocurrency ran into sellers again around the same price level, failing to move beyond the level at 0.0000497.
The short term trend has remained bearish in the now and coming days. This might either indicate a potential selling climax after which prices could bounce back to the upside.
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