Lets take a quick look at the Iota markets.
As we can see the market is still looking bearish versus Bitcoin with a H&S pattern confirming the selling action the market experienced since the start of May. 0.0002 btc did not hold as support and prices fell into the lower price ranges where we finally saw some buying action, around 0.00018 btc – 0.00019 btc.
The above mentioned price levels is also my near term support zone for the market. Higher risk trader might consider calling bottoms here with a tight stop-loss, or look for a breakout above the right-hand shoulder.
Resistance in my opinion is around 0.0002 btc – 0.00022 btc and consolidation into that zone on the short term could signal a reversal in the market. In short, we are still bearish on the short term with a possibility of a break in either direction.
Lets take a quick look at the Iota market versus the US Dollar.
No major differences between the two charts, and no clear divergences that I can spot on the 1 Day candles. RSI is confirming the bearish momentum in the market, however it is important to note that the open interest in the market could be starting to build up. There is also a decent increase in transactions, which could push price action higher.
Volume is still low and the safest option in these conditions would be to exercise patience and wait for the bullish momentum to return to the market. Support is currently around $1.32 on the shorter term and resistance seems solid at $1.60.
For those speculating on the Crypto markets, I believe that Iota is a great project to accumulate for a secure future investment.
Feel free to discuss this trade idea with us on Discord.