- IOTA/USD capped below 5-DMA at 2.6479, we see minor upside only on break above.
- Technical studies on intraday charts are bearish raising scope for downside.
- Price action remains capped below major exponential moving averages on 1H charts.
- 20-DMA has turned and price action currently rages below daily Ichi cloud.
- Downside finds major support at 100-DMA at 2.2412, breach below will accentuate weakness.
Support levels - 2.34 (minor trendline), 2.2414 (100-DMA), 2.15 (major trendline)
Resistance levels - 2.70 (trendline), 3.09 (cloud base), 3.2427 (20-DMA)
Recommendation: Good to go short on rallies around 2.55, SL: 2.70, TP: 2.35/ 2.25/ 2.15
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