Our automated chart pattern recognition has detected a potential bullish formation for IOTX.
Price has been consolidating in an Ascending Triangle, which is a bullish continuation pattern, meaning it typically breaks out in the direction of an existing trend (IOTX is in an uptrend).
And the triangle is reaching a pinnacle – hence a breakout is forthcoming near term.
How to trade this pattern?
1. Trend traders wait for a breakout through the triangle resistance level @ $0.06. Here’s a quick video on how to create a price alert.
2. Swing traders buy support and sell resistance trendline.
This pattern is “emerging“, meaning it has not broken out yet.
You can also search for “completed” patterns with breakout.
Check our unique automated chart pattern recognition for fresh trading ideas. Also, during market corrections, it’s always good to revisit coins in an Uptrend but with a pullback. Our Signals Summary has this and other pre-defined filters ready for action.
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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.