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Crypto Technicals: IOT /USD forms successive Dojis at cloud resistance, dents scope for upside continuation

Tue, 17 Sep 2019, 05:22 am UTC

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.2472 (21-EMA); Resistance: 0.2562 (50-DMA)

Technical Analysis: Bias Neutral

IOT/USD extends range trade below cloud resistance, intraday bias is neutral to slightly bullish.

Stochastics show bullish momentum, but RSI remains flat at 50 levels.

The pair has formed successive Dojis on the daily candles, denting scope for further gains.

The pair is holding gains above 200H SMA, but bearish divergence on RSI and Stochs raises scope for dips.

21-EMA is strong support at 0.2472, break below will see major weakness.

On the flipside, break above 50-DMA (0.2562), into daily cloud will see further gains.

Next major resistance lies at 23.6% Fib at 0.2990 ahead of 100-DMA at 0.3165.

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