Hey everyone! After a 10.91% correction from its highs, another bounce looks likely for ICON as it is once again trading around support. This trade could fall through so I recommend considering a stop loss somewhere under the support zone.
Trade Signals:
-ICX hovering around 4700 satoshi's, which has been shown to be our current support level on the 4 hour chart.
-RSI is not falling below 40, and frequently hits 70, meaning we are still in an uptrend. If the RSI drops below 30 and is unable to hit 70, it may signal the start of a short-term downtrend.
-The Stoch RSI, which identifies short-term trends, is below 0.2, indicating ICX is currently oversold.
-We are still in an altcoin cycle, and people are still very bullish. Not to mention coins are once again reaching all-time highs.
How to trade:
Buy in:
- 4600-4700 satoshi range.
Targets:
5000-5100 satoshi range, where ICX was rejected twice.
5700-6000 satoshi range, which has shown to be resistance months before.
Stop Loss (If you decide to use one to reduce risk):
-Somewhere under 4700, but I believe the chance of getting whipsawed is very high.
Thanks for viewing! If you have any thoughts, please take the time to write them down. It's how I ultimately improve my TA.
On a side note, do you believe Asia is currently doing most the selling in this market?