IOST - Major Downward Trend
Updated
Note: I am not a financial advisor. These are my honest opinions about IOST.
IOST BTC keeps going down -- the chances of a full reversal / recovery are looking slimmer by the hour.
I've sold all of the IOST I had already at a small loss, I'm predicting that the price will drop by another 10% in the next 24 hours, following this bearish pitchfork channel.
As said on the chart, I wouldn't even short trade this unless every indicator you're using is strongly suggesting an opportunity.
DYOR
IOST BTC keeps going down -- the chances of a full reversal / recovery are looking slimmer by the hour.
I've sold all of the IOST I had already at a small loss, I'm predicting that the price will drop by another 10% in the next 24 hours, following this bearish pitchfork channel.
As said on the chart, I wouldn't even short trade this unless every indicator you're using is strongly suggesting an opportunity.
DYOR
Note
Note: The ~780 satoshi level WAS the major support.Note
It nearly broke through this morning but hit the upper resistance of the pitchfork and Ichimoku Cloud, then fell down after.Note
Possible breakout incoming
Note
If a breakout doesn't happen, there is indication of IOST stabilizing.Note
Forming a symmetrical triangle, RSI is indicating that IOST is slightly overbought right now so I'm projecting downward movement - but there's potential short term gain if it breaks to the upside.
Trade active
It appears that there has been a break through. Strong signals from the Ichimoku Cloud indicating a price increase. It broke through the cloud but is hovering at the upper pitchfork resistance.
Note
Serious potential for a reversal on IOST BTC. Watch the 660 satoshi resistance level, it it breaks through that's a fantastic sign --- otherwise it's going to form a double top and likely crash quite a bit further.
Note
it appears that 660 is the new support level, I'm expecting a trend reversal -- I think that will be all for this analysis. Due to a sudden surge in volume the price probably won't hit 550 satoshis today.Note
Strange... the price has been bouncing off of the pitchfork top level support multiple times now. It did end up hitting ~520 satoshis in two days instead of one as I predicted.
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