$IOST
Binance’s hot wallet transferred over two billion coins to a cold wallet a few days ago, and Bitkub has also made transfers. With circulating supply decreasing a bit, and then adding momentum capital, this is how it got lifted—pure order book action plus expectations of contracting on-chain supply.
There have been quite a few bearish candles near the highs. After the pullback, it’s been hovering around 0.00107. Overall it’s still an uptrend channel, but in the short term the move has shifted from acceleration to consolidation. Volume has started to tighten after peaking at the top.
Personal trade setup: short.
Stop-loss: 0.001225
Take-profit: first target 0.00098, second target 0.00088–0.00085. If it’s weak, watch for 0.00076–0.00074.
If it breaks out with volume and holds above 0.00119, the short position should be closed first;
If it breaks below 0.00100 and fails to reclaim it, you can consider adding to the position.
Manage position size well—after old coins have been pumped, they tend to give back.
Binance’s hot wallet transferred over two billion coins to a cold wallet a few days ago, and Bitkub has also made transfers. With circulating supply decreasing a bit, and then adding momentum capital, this is how it got lifted—pure order book action plus expectations of contracting on-chain supply.
There have been quite a few bearish candles near the highs. After the pullback, it’s been hovering around 0.00107. Overall it’s still an uptrend channel, but in the short term the move has shifted from acceleration to consolidation. Volume has started to tighten after peaking at the top.
Personal trade setup: short.
Stop-loss: 0.001225
Take-profit: first target 0.00098, second target 0.00088–0.00085. If it’s weak, watch for 0.00076–0.00074.
If it breaks out with volume and holds above 0.00119, the short position should be closed first;
If it breaks below 0.00100 and fails to reclaim it, you can consider adding to the position.
Manage position size well—after old coins have been pumped, they tend to give back.