Crypto Technicals: IOT/USD dives over 3.5%, further weakness on breach below 4H 200 SMA (0.2725)

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.2725 (4H 200 SMA); Resistance: 0.2847 (110-EMA)

Technical Analysis: Bias slightly bearish

IOT/USD edges higher from session lows at 0.2726 and was trading at 0.2750 at 05:40 GMT.

Major trend in the pair has gone flat and range trade is likely to extend for some more time.

Upside has been capped at 110-EMA resistance and successive 'Spinning Top' formations raises scope for weakness.

The pair slumped over 3.5% in the days trade till now. Downside has paused at 4H 200H support at 0.2725.

Technical studies have turned bearish on the intraday charts. 'Bearish divergence' on the 4H charts adds to the bearish bias.

Breach at 4H 200 SMA will see further weakness. Dip till lower Bollinger band at 0.2567 likely.

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