ICON (ICX) How far can this rally go?
Updated
BTC tanks to 8500 while ICX pumps to 4800 from 3900 satoshis. What happened? Ever since the RSI has dropped below 40, we have seen a decline, but that does not mean ICX cannot rally back to previous levels.
Likely Cause:
-The ICONest Webpage Launch was today
-Strong bounce from big support level
Buy In:
4500 satoshi range
Price targets:
4737-4800 satoshi range
5200 satoshi range (unlikely)
Stop Loss (Highly recommended)
4498 satoshi level
This rally can continue if volume keeps climbing. ICX holding past 4700 is going to be quite difficult. If it plateaus or we see bearish divergence, I believe selling out is the right move. This trade is very risky and I highly recommend the stop loss. I started posting this idea when ICX was 4500, and in around 10 minutes it rallied to 4600. Pretty crazy.
If you have any comments, please leave them below. Thanks for viewing and good luck in your future trades.
Likely Cause:
-The ICONest Webpage Launch was today
-Strong bounce from big support level
Buy In:
4500 satoshi range
Price targets:
4737-4800 satoshi range
5200 satoshi range (unlikely)
Stop Loss (Highly recommended)
4498 satoshi level
This rally can continue if volume keeps climbing. ICX holding past 4700 is going to be quite difficult. If it plateaus or we see bearish divergence, I believe selling out is the right move. This trade is very risky and I highly recommend the stop loss. I started posting this idea when ICX was 4500, and in around 10 minutes it rallied to 4600. Pretty crazy.
If you have any comments, please leave them below. Thanks for viewing and good luck in your future trades.
Trade closed: target reached
Target reached, around 6% profit.Note
ICX is so bullish right now. If it can close and hold above 4700 that would be awesome for the 5200 target.I know we are currently in a down market but once BTC reaches 8100 support I think alts will get a nice recovery. BTC dominance only goes up during big ups and downs, and it seems like in a sideways market people trade altcoins.
Note
Unfortunately, we could not hold, which was unlikely anyway in this current market. I sold all my ICX at an average price of around 4798 and plan on buying back in when it gets down to 4000-4200 sats at least. We could also be cooling off for another rally.
Note
While ICX still looks good, there are way better charts out there such as TRX that has insane Risk/Reward ratios.
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