IOSTUSDT | Ascending Triangle | Apex | Structural Resistance

2020年6月21日Todays analysis - IOSTUSDT – retracing to local resistance, trading in a bullish ascending triangle.

Points to consider:
- Support and resistance converging (apex)
- Bullish ascending triangle
- Bullish price action
- 55 EMA – Visual guide
- Low volume
- RSI projecting higher lows

IOST consolidating within an ascending triangle nearing its apex where a break in either direction is expected.

Recent price action consisting of higher lows and strong bull moves proceeding weak sell-offs is indicative of a bullish bias in the market.

Trading above the 55 Exponential Moving Average, acting as visual support, price must hold to support the bullish bias.

Volume is clearly declining, indication of an influx being imminent, corresponding with the breakout.

RSI trading is trading above 50, projecting higher lows showing strength in the current market.

Overall, in my opinion, a long trade is validated at the test of local resistance (aggressive entry) and the position may be added to as we verify a successful S/R flip above structural resistance (conservative entry).

What are your thoughts? Let me know in the comments below!

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