2019-7-26 17:25 |
IOST has a bearish short-term trading bias, with the cryptocurrency still trading below major technical support on the four-hour time frame The four-hour time frame shows that the IOST / USD pair is holding above key trendline support The daily time frame continues to show a bearish wedge breakout in progress IOST / USD Short-term price analysis
IOST has a bearish short-term trading bias, with the IOST / USD pair still trading below major technical support on the four-hour time frame.
The four-hour time frame is showing that a technical breakout in the IOST / USD pair is nearing, as price remains trapped between horizontal resistance and rising trendline support.
Technical indicators on the four-hour time frame are bearish and continue to issue a sell signal.
IOST / USD H4 Chart by TradingView
Pattern Watch
Traders should note that a bullish double-bottom pattern is also in play across the daily time frame.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although a bearish double-top pattern may be forming.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish, with both the MACD signal and histogram issuing buy signals.
IOST / USD Medium-term price analysisIOST has a bearish medium-term outlook, with the IOST / USD pair unable to move above its trend defining 200-day moving average.
The daily time frame is showing that a bearish wedge break is still underway, with bulls repeatedly failing to move price back inside the neutral pattern.
Technical indicators on the daily time frame are neutral and are currently failing to generate a clear trading signal.
IOST / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the bearish wedge pattern breakout on the daily time frame still has significant downside potential.
Relative Strength Index
The RSI indicator on the daily time frame is approaching neutral and currently has a slight bearish bias.
MACD Indicator
The MACD indicator on the daily time frame is neutral and is currently failing to issue a clear signal.
ConclusionThe overall short and medium-term bearish outlook for IOST remains unchanged, despite the recent upside recovery in the cryptocurrency.
The daily time frame clearly shows that unless buyers move price back inside the wedge pattern, the IOST / USD pair could still see significant downside ahead.
Check out the IOST coin guide.
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