$ICX - Understanding what went wrong, what should've been done
Updated
IICX was supposed to make a bounce off the retracement lines but ended up far lower. Let's examine what happened and what I or any day trader should have done and seen.
What went wrong:
First off, we have the triple top formation highlighted in red boxes. This is an indication to look out for bearish reversal, and to find the trough of the triple top and watch for resistance. The dashed yellow trend line shows that it did happen.
Next,
BTC value took a nose dive. At IICX's ATH, value was at ~$11,000. It has been continually dropping and we're possibly seeing a reversal soon.
Finally, news of news pumps a coin; news kills it. Historically, upcoming conferences and such lead to a ramp up in value rather quickly, then a dump to previous support.
EOS is a recent, good example.
What should have been done:
WatchBTC trend patterns and forecasts.
Sell or set a strict stop loss, try to identify the lowest supports possible.
Identify the triple top, and if confirmed, scalp the resistance before it dumps.
If broken through support lines, find the previous low and use that as the new support; find the new resistance by identifying shooting stars and sideways movement. At the moment, it looks like IICX will break through based on the MACD and the bottom side wicks. It is still possible for it to drop to ~0.0003500 sats based on the triple top's peak to trough length.
WatchBTC for a reversal confirmation now.
What went wrong:
First off, we have the triple top formation highlighted in red boxes. This is an indication to look out for bearish reversal, and to find the trough of the triple top and watch for resistance. The dashed yellow trend line shows that it did happen.
Next,
BTC value took a nose dive. At IICX's ATH, value was at ~$11,000. It has been continually dropping and we're possibly seeing a reversal soon.Finally, news of news pumps a coin; news kills it. Historically, upcoming conferences and such lead to a ramp up in value rather quickly, then a dump to previous support.
EOS is a recent, good example.What should have been done:
Watch
BTC trend patterns and forecasts.Sell or set a strict stop loss, try to identify the lowest supports possible.
Identify the triple top, and if confirmed, scalp the resistance before it dumps.
If broken through support lines, find the previous low and use that as the new support; find the new resistance by identifying shooting stars and sideways movement. At the moment, it looks like IICX will break through based on the MACD and the bottom side wicks. It is still possible for it to drop to ~0.0003500 sats based on the triple top's peak to trough length.
Watch
BTC for a reversal confirmation now. Note
Might drop again
Note
A lot of fake sell walls were pulled, buy walls added and removed; making a bull trap. Make sure to watch the order books.
It doesn't look like IICX is due for a breakout just yet.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
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