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IOTA Technical Analysis for 05/17/2018 – Double Bottom or Head

  • Published on: May 17, 2018 - 12:12 AM
  • Source: Live Bitcoin News

IOTA Technical Analysis for 05/17/2018 – Double Bottom or HeadIOTA could be in for a rally as it formed a double bottom reversal pattern right on a major support area. Price has yet to break past the neckline around 2.1000 to confirm the potential climb. The 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. However, IOTA has also moved past the 100 SMA dynamic inflection point to reflect a pickup in buying pressure. On the 1-hour chart, RSI is moving up to show that buyers have the upper hand but is also closing in on overbought levels. Si …

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