IOST - Breakout pending - Take caution

18 thg 2, 2019

Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

I've been saying the same thing for about 2 weeks. Trade the breakout and this is getting close enough where the breakout is getting near.

Several technicals to explain here:
1. 50/200 Daily Moving average is very close to crossing bullish
2. We've been in an uptrend channel for about 2 months
3. We still have plenty of room to go from an elliott wave perspective (wave 5 has barely crossed the peak of wave 3

Now, time for the probability play. There's some good news coming out this week or next week. One has to wonder if the value is already baked into the price from the previous 2 month run. I'm maintaining a buy only on a breakout of this wedge (in red) but look for a break down. If you're in, I recommend selling on a break down. We're within 3 days from the apex of this wedge.

I would not buy here or sell here if you're in IOST. If you're not in IOST... it's the safest move to wait for a breakout to the upside and then to sell at the median.

A risky trader would try and buy the bottom of the channel but that's high risk at this time.

Also look for a rejection of that 50/200 daily moving average. There's a potential for a bullish impulse followed by a bear break.

Trade safely friends!
<3 -CE-