Long

Icon (ICX) Long Setup

Updated

ICXBTC has been absolutely HAMMERED during the bear market. However, I've noticed some positive news recently for this coin, as well as a massive increase in volume. While I didn't catch the extreme lows, there is still plenty of potential upside. I'm practicing some VERY SMALL trades with high reward possibilities in order to build a trading stack from scratch. I've started out nicely with my BAT trade, that generated a 40% return right off the bat (no pun intended).

This setup is as follows:
BUY if we break above the ascending triangle resistance (around 735 to be safe)
Targets:
860
924
1028
1400-1500

This setup will be INVALIDATED if we break below the ascending triangle support and if we go below 675.

This is not financial advice. This is a trade that I'm currently in, with a very small position, just to try out some strategies.

-Victor Cobra

Note

If we go lower, we now have some decent support in the 620-630 area.

Note

Also, if you look at the daily chart, the true level to break is the recent high (around 747)

Note

We had the highest daily volume in an ENTIRE YEAR recently.

Note

Just as a quick warning, often ascending triangles don't work out, and the price will slide down to the nearest support (which is around 676 for ICX). This does not mean that it won't break out further to the upside. It simply means we weren't ready yet. Obviously a move 675-76 would mean ICX needs to accumulate for a bit longer.

Note

Despite the big Bitcoin dump, we're still in the flag/ascending triangle. Let's see if it holds.

Note

Odds are increasing that it will fail, if Bitcoin can't bounce here.

Note

We've broken down from the ascending triangle, but haven't had much follow through on the dump so far. It's possible that we just consolidate and form a bigger triangle/flag. I guess we'll see. This dump so far on Bitcoin looks like a shakeout - certain alts, like LTC haven't really dipped. The dump was mostly led by ETH, with the expected "sell the news." Not sure if it will actually go much lower.

Note

Still looking bullish, actually. Entered a slightly bigger position, since Bitcoin is looking bullish right now as well. Could be wrong, but still not risking too much on this trade, and I have some leeway (from my BAT profits)

Trade active

Note

Nearing the end of this potential pennant/wedge.

Note

Last chance for bulls here, in my opinion:

Trade closed manually

I closed my position early - perhaps it'll still rise. The reason is merely because I wanted to get back into my original WTC position, since it seems like it's on the verge of an even larger breakout. That's my personal decision though, and it doesn't affect this setup. It's still perfectly valid, and the pennant is on the verge of completion.

Note

About to break out, potentially:

Trade active

Got back in (sorry for the flip flop). Broke out of the pennant, and the sell pressure on WTC seems too much at the moment.

Trade closed manually

Closed for a small profit. I was expecting a bigger impulse on the breakout. The big breakout probably won't come until 767 is broken (previous support turned resistance). I may re-enter with my smaller trading position, but WTC looks like it might finally be ready. Won't update my trades anymore, unless I make a significantly good (or bad) move.

Note

I also don't like having open trading positions in my sleep :P Good night, TV

Note

By the way, if we can't break 747 and 767 with conviction, ICX will likely not have an impulse up yet. Those are the levels to watch here.

Note

Failed breakout for now. The volume/impulse was just not there. Possible we will break down from the triangle as well. Could have also been a test of resistance to weaken it for the next push up, but I’d be out of position until at least 747 goes down in an impulse move,

Note

Trade is valid now that we've broken 747 and 767. Let's see if we can reach any of my targets on the next big impulse.

Note

Practicing short term trades in this market is truly a nightmare. I lucked out with BAT because I timed it perfectly, but they really know how to shake out stops on both ends. Patience is generally rewarded though.

Note

In a bit of a resistance zone here, but if 800 breaks, 860 should come immediately after, and then we can reassess based on how it behaves in that zone. I will be away from the market for the weekend, so feel free to use these resistance areas as reference. We have new support at 747 and back at 734 and 676 if we can't continue higher for now.

Note

So 800 broke but we only made it up to 822. This is an accumulation move. This sort of wild price action happened when ONT and NEO both finally broke out as well. This offers more buying opportunities. Currently, I think we're in a buy and hold period for the market. This means prices will not shoot straight up necessarily, and will oscillate pretty erratically before they do 30%+ moves in a day. That day will probably come eventually, but for now we're still in accumulation. As mentioned above, we have some newfound support right here at 768, as well as 747 and 734 if we go lower. Looking at the chart, it seems like we're still in our wave up.

Note

So the rally stalled (volume wasn't quite there) and we've headed down to the support area we had before the breakout. Not really a good sign. If we break back below 676, it wouldn't be good. The market is starting to look a bit weak now, but things can change very quickly.

Note

We've found support in this zone, which could mean we're about to have another leg up. Volume really needs to come in though. I'm done trading for now, but will continue to update this chart as it progresses.

Note

Moving up nicely towards my first target now. Too bad I didn't stay in and decided to look for long term opportunity elsewhere. Perhaps I may change my mind. In any case, I made a good call with this analysis, regardless of whether I'm profiting from it or not.

Note

I'm going to do a new chart soon (probably using this pairing) about shakeout tactics during accumulation (this has been my major thesis underlying my analysis in recent weeks, and so far it's been spot on).

Note

First target at 860 reached. Congrats to those who profited from this setup, even though I didn’t complete my trade :P

VictorCobra

Also on:

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.