Crypto Technicals: IOT/USD recovery capped at 55-EMA at 0.41, intraday bias bearish

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.3832 (110-EMA); Resistance: 0.4323 (21-EMA)

Technical Analysis: Bias Bearish

IOT/USD recovers from new monthly lows at 0.3748, bias remains bearish.

The pair was trading 2.61% higher on the day at 0.4070, at 11:10 GMT.

Recovery remains capped at 55-EMA resistance at 0.41, decisive break above to see gain till 21-EMA at 0.4325.

Indicators on the daily charts have turned slightly bearish. Price action has breached 50-DMA support.

5-DMA has turned and a bearish 5-DMA crossover on 20-DMA supports downside. RSI is below 50 and Stochs are sharply lower.

The pair finds strong support at daily cloud and 110-EMA. Break below will see further downside.

Next bear target lies at 61.8% Fib at 0.3571 ahead of 200-DMA at 0.3339.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.