Wyckoff accumulation nearly over for ICN
Updated
Ok, this is an attempt at pure TA. lets assume I know very little about ICN so we don't have to argue over if the team is any good or use case or any of that forum fodder. we don't have to because someone who does thier homework before they spend thier money has already indicated thier interest with the high volume candles marked with the red arrows. the yellow lines indicate the trading ranges and phases of a wyckoff bottom. if the composite man is satisfied and allows a move out of the trading range - and if we are satisfied that it really is the end of an accumulation phase and the beginning of another beautiful crypto bubble - then we enter a modest position with a trailing stop and let it run, scaling in as each markup confirms and taking profit as price consolidates. I've had a guess at target levels based on areas of congestion on the way down, but if it's going up, it's going up and just watch RSI and MACD for overheating, and the honeybadger cause if BTC pops then she'll take the whole cryptosphere with her (but you knew that already right?)
as always, comments, suggestions and constructive critique always welcome (debate me bro!)
have fun, happy trading
as always, comments, suggestions and constructive critique always welcome (debate me bro!)
have fun, happy trading
Note
Sign Of Strength test of the 0.00181 resistance. those who are comfortable with more risk may buy at 0.00161 as price returns from testing last line of support at 0.00160, more risk averse traders (myself included) will wait for a candle close above 181 to confirm that winter is truly over for ICN.Trade active
trade open at 181, looking good so faTrade closed: stop reached
trade nearly hit TP1. stopped out on the decline. back to the drawing board
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.