Cryptocurrencies

IOST technical analysis

IOST seen from the temporality of 1W we can see how the current structure of candles begins to form a pattern of reversal of trend, the price is in a key area of the movement and the current bullish momentum has already drawn us an HL that we see marked within the chart above by the small green arrow, the price has managed to maintain the area of weekly demand located at 0.00000065, indicated within the top chart by the lower horizontal black, this is causing the current momentum of the candle that should reach the area of supply located within the price range of 0.00000098 – 0.00000108, indicated by the two horizontal black color, the price could make the test and go back a little to form another HL of confirmation to look for the breakage and recovery of the zone of offer, if this possible scenario is achieved, we could see the price reach our objectives of superior gain, the second objective of gain is located in the 0.00000145, the third objective of gains is located in the 0.00000196 and our objective higher is located in the 0.00000233.

IOST seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price after getting the break of the descending wedge in the 0.00000057 made the confirmation test to get back to get bullish momentum towards 0.00000079 where the price has taken a small break forming a bullish flag with an inverted shs as a signal continuation, this we see indicated in the chart above by the parallel channel in purple, the price should reach the bidding area without any problem.

In conclusion, IOST is still at accumulation levels at an excellent buy point even before having a much higher next move up, the price should go to test the bid zone and go back to 0.00000079 before looking for the break, the profit targets are shown in the 1W chart, therefore, I recommend to be very attentive to the price action in 1D and always remember to place your stop loss to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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