IOST/BTC on BINANCE Jun 18: Bullish Triangle
Welcome to my IOST/BTC Binance trading pair evaluation this June 18, 2018.
IOST, or better known as the IOS token, is shown here on TradingView on the 1 Day chart.
On Mar 8th to 18th of 2018 the IOS token created a double bottom chart pattern with a final closing value of 210 satoshis, resulting in an uptrend pattern that continued until May 16th, 2018. On that day in May, the IOST chart created a known "fakey" setup, resulting in the IOS token achieving a peak value of 845 satoshis on the uptrend.
Since May 16, the chart has been on a steady decline; however, as shown on this candlestick chart one can see that IOST is currently in a bullish triangle that began from the hammer candlestick on May 7th according to the chart patterns.
This is confirmed on May 23 when the trend refuses to sink past 475 satoshis or rise above 629 satoshis on June 3rd. As you can see from the last 8 candlesticks in the daily chart you can see the bears are slowly getting exhausted, giving the bulls a chance to take over the market.
Based on the bullish triangle, we should see the bulls take over the market sometime around the first week of July, when the IOS token achieves a value between 290 to 330 satoshis. From there, based on the base range of the bullish triangle, you should expect the price to thereafter increase by a minimum of an additional 317 satoshis, or roughly by 100% or more in the days after.
If this triangle fails, stay advised to wait and see it bounce back from the first support at 299 satoshis. If the price falls through there, then await the second support created by the double bottom at the value of 0.00000189 BTC per IOST.
As always, do pay attention to the news and watch the changes in the chart for IOST/BTC on BINANCE. I will try to keep posted of any changes.
-LunarCafe2020
IOST, or better known as the IOS token, is shown here on TradingView on the 1 Day chart.
On Mar 8th to 18th of 2018 the IOS token created a double bottom chart pattern with a final closing value of 210 satoshis, resulting in an uptrend pattern that continued until May 16th, 2018. On that day in May, the IOST chart created a known "fakey" setup, resulting in the IOS token achieving a peak value of 845 satoshis on the uptrend.
Since May 16, the chart has been on a steady decline; however, as shown on this candlestick chart one can see that IOST is currently in a bullish triangle that began from the hammer candlestick on May 7th according to the chart patterns.
This is confirmed on May 23 when the trend refuses to sink past 475 satoshis or rise above 629 satoshis on June 3rd. As you can see from the last 8 candlesticks in the daily chart you can see the bears are slowly getting exhausted, giving the bulls a chance to take over the market.
Based on the bullish triangle, we should see the bulls take over the market sometime around the first week of July, when the IOS token achieves a value between 290 to 330 satoshis. From there, based on the base range of the bullish triangle, you should expect the price to thereafter increase by a minimum of an additional 317 satoshis, or roughly by 100% or more in the days after.
If this triangle fails, stay advised to wait and see it bounce back from the first support at 299 satoshis. If the price falls through there, then await the second support created by the double bottom at the value of 0.00000189 BTC per IOST.
As always, do pay attention to the news and watch the changes in the chart for IOST/BTC on BINANCE. I will try to keep posted of any changes.
-LunarCafe2020
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