- IOTA broke out, broke down and again broke out.
- There is a state of confusion among bulls as well as bears.
IOTA bulls and bears are equally confused in a week where the price broke out of a key descending trendline resistance, then broke down of it and only to break out again in a sign that this year-end, they are preferring to avoid any trade based on this indicator, all will be done in the new year.
IOT/USD is down less than a percent at $0.369 in less than 3 percent range for the day after breaking out, again, on the 480-minute chart off a descending trendline resistance which has always been a tough one to cross past in the past few weeks. No wonder the confusion among the bulls as well as the bears about direction of the trade.
If bulls have to now capitalise on this breakout, they first need to cross past $0.40 and then $0.50, before any meaningful rally in this crypto.
IOT/USD 480-minute chart:
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