Chibuike_Odoh

IOST/BTC { IOST } - BULLISH SETUP

Long
BINANCE:IOSTBTC   IOST / Bitcoin
ANALYSIS πŸ”Ž
- IOST/BTC hit a swing high (@0.00000150) and retraced for a retest of the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone.
- The retracement was resisted by the descending trendline resistance.
- Price brokeout above the descending trendline resistance.
- This is a bullish signal.
- Price action is printing an pennant pattern.
- There's a breakout potential.

BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the pennant pattern's horizontal resistance.
- Limit entry: test of the pennant pattern's inclined support.

TARGETS 🎯
- Horizontal resistance level (@0.00000076).
- Horizontal resistance level (@0.00000134).
- Horizontal resistance level (@0.00000150)
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the pennant pattern's inclined support.
- Final invalidation: breakdown below the 0.786 fibonacci retracement level.

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