IOTA is still in the middle of a correction and continues to test the resistance levels marked in a previous post. Sellers are likely waiting for stronger catalysts before allowing the downtrend to resume but technical indicators still favor a continuation of the drop.
Against bitcoin, IOTA is moving below a descending trend line connecting the latest highs of price action since the start of the month. Price is edging close to the 38.2% Fib near the trend line and 100 SMA.
Speaking of moving averages, the 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is set to resume. In addition, the gap between the moving averages is widening to reflect strengthening bearish pressure.
Stochastic is also turning lower from the overbought region to reflect a pickup in selling momentum. RSI is on the move up still, so there may be some bullish moves left before sellers return.
Against ethereum, IOTA is moving inside a descending channel formation. The 100
Read more ... source: LiveBitcoinNews
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