IOSTBTC (IOST) - BULLISH SETUP Long

IOST / BitcoinBinance

Description

⋅ Apr 11, 2021 11:00 AM

ANALYSIS 🔎
- IOSTBTC has been on a mid-term uptrend.
- The uptrend is supported by the ascending trendline support (ATS).
- Price is testing the ascending trendline support.
- Price action is printing a pennant (P) pattern.
- A pennant pattern is a trend continuation pattern.
- A bullish continuation pattern in this case.
- There's a breakout potential.

BUY ENTRY ⬆️
- Conservative entry : breakout above the pennant pattern's inclined resistance.
- Aggressive entry : current market price (CMP).

TARGETS 🎯
- Horizontal resistance level (R1).
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the pennant pattern's inclined support, ascending trendline support and the horizontal support level (S1).

Comments

binman20

⋅ Apr 15, 2021 6:27 PM

well played

Chibuike_Odoh

⋅ Apr 15, 2021 6:49 PM

@binman20 👍

amragl

⋅ Apr 11, 2021 12:28 PM

Could this be applied in IOSTBUSD ?

Chibuike_Odoh

⋅ Apr 11, 2021 1:26 PM

@amragl both markets have similar price action. But i analysed IOSTBTC not IOSTBUSD