IOTA Analysis and Forecast (Mon, Sept 24th, 2018): hidden bearish divergence

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After the last bright weekend, IOTA is falling back into bearish way with an unusual trading volume

Last Friday ( Sep 21), IOTA recorded an extraordinary growth from $0.5241 lên $0.6499, along with general cryptocurrency market recovery.

iota, iotusd, technical analysis, hidden bearish divergence

It was anticipated that IOTA might have broken the convergence triangle and surged up. In contrast, the price has just fell our expectation by a deep plunge below the lower edge of the triangle. At 13h00 GMT+7, IOTA dropped 9% to $0.5312 as the trading volume is four time higher compared to previous hour.

In chart H4, the price is forming hidden bearish divergence when IOTA has drawn lower highs since September 4th. In the meantime, Relative Strength Index (RSI 14) has created higher highs which indicates further collapse.

iota, iotusd, technical analysis, hidden bearish divergence

IOTA is forecasted to rouch the support level at around $0.5129 before a slight retreat afterward.

Further prediction will be updated when the market gives more signals upon hitting above support level.

Written by nami.today 

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