• Home
  • Trading
  • Live Data
  • Events
Home Trading IOST / Bitcoin Technical Analysis: Shaky Hold

Shutterstock

IOST / Bitcoin Technical Analysis: Shaky Hold

-

  • IOST has a neutral short-term trading bias against Bitcoin, with price still trading outside the rising price channel on the four-hour time frame
  • IOST / BTC also has a neutral medium-term outlook
  • The daily time frame shows that price is trading under a rising price channel

IOST / Bitcoin Short-term price analysis

IOST has a neutral short-term trading outlook against Bitcoin, with the IOST / BTC pair trading under a rising price channel, despite the recent upwards spike.

Bulls have managed to keep prices above the pair’s 200-period moving average on the four-hour time frame, which is stopping IOST / BTC from turning bearish over the short-term.

Indicators remain bullish across the four-hour time horizon, despite the strong technical reversal in the IOST / BTC pair.

 

 

IOST / BTC H4 Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

Bearish pressure is likely to increase over the short-term while price trades outside the rising price channel.

The Relative Strength Index

The RSI indicator on the four-hour time frame remains bullish, although downside pressures are starting to build.

MACD Indicator

The MACD indicator on the four-hour time frame is still generating a strong buy signal, with the MACD signal line crossing higher.

Fundamental Analysis

The short term spike is attributed to the announcement of  an IOST trading competition on Binance, which is being held to celebrate the launch of IOST’s mainnet.


IOST / Bitcoin Medium-term price analysis

IOST has a neutral medium-term outlook against Bitcoin, with the IOST / BTC pair still unable to move price back inside the rising price channel on the daily time frame.

The IOST / BTC pair has consistently remained above its 50-day moving average, which is a sign that short-term strength is still present over the medium-term.

Traders should note that until the IOST / BTC pair starts to stabilize above the rising price channel, the neutral medium-term outlook will remain in place.

 

 

IOST / BTC Daily Chart                                   (Source: TradingView)

 

 

Pattern Watch

The daily time frame is showing that a bearish head and shoulders pattern could start to take shape if the IOST / BTC pair falls below its 50-period moving average.

Relative Strength Index

The RSI indicator on the daily time frame is currently generating a bullish trading signal.

MACD Indicator

The MACD indicator on the daily time frame is starting to turn higher, although the MACD line has yet to perform a bullish crossover.

Fundamental Analysis

The medium-term growth will be supported by the adoption of the blockchain. The project has already announced that the first game on IOST, after the mainnet, Endless Game, has reached over 100 million transaction volume in just 5 hours. The increase in transaction volume and further expansion in number of dApps will highly benefit the network.


Conclusion

IOST currently has a neutral trading bias over both time horizons, despite the recent strong advance in the cryptocurrency’s price. While technical indicators are bullish, a degree of caution is advisable until price stabilization occurs above the rising price channel seen on both the four-hour and daily time frames.

 

For a refresher course on the project see our coin guide for IOST here.

 

IOST Chart

Join the conversation on Telegram and Twitter!

 

Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

Avatar
The Analyst Team
Crypto Briefing has become known for providing thoughtful and insightful diligence on early-stage blockchain ventures. Our reports are distributed globally, including via Binance Info. Almost 100 free, unpaid, and independent Digital Asset Reports and Evaluations and early-stage crypto assessments are available by clicking on the CB icon, right here.

JOIN OUR COMMUNITY!

Join the conversation on Telegram and Twitter!

7,631FollowersFollow
1,257SubscribersSubscribe

More News & Analysis

Get The Best Of Crypto Briefing!

Crypto news flashes, new DARE research, upcoming mainnet launches, market reports, and much more!

X
X