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IOTA/USDT Potential Downward Movement

IOTA/USDT Price Long-Term: Bearish

Key Resistance Levels: 1.2885, 1.4089, 1.6056

Key Support Levels: 0.9872, 0.7222, 0.5110

Daily Chart:

On the daily time frame, the price was in a clear uptrend before reaching a strong resistance @ 1.6056 level. The price reversed, and it seems the sellers are overwhelming the buyers by pushing the price downward.

IOTA/USDT Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, we can notice that the price found liquidity around the 1.3000 level and the sellers jump in to push the price to the downside. Currently, the coin is trading within a wedge formation where the price succeeded to break it to the downside.

Signal Idea:

Sell Order @ 1.1650

TP 1 @ 0.9872

TP 2 @ 0.8138

Stop Loss @ 1.2541

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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