One Last Correction Before Moon? | ICX-BTC BINANCE:ICXBTC has been on my rader for some time but other alt-coins had my priority and i have executed the trades on them. This means my aim is completely focused on Icon.
Now on this chart we can see a couple of reason why i has cought my eye. The last few days the price has risen 80% measured from most recent low to the peak of this rally.
The top horizontal white line is our long term resistance. This line has been touched for the first time in December 2017. When the price came back down from its peak in Januari 2018, it made a rebound on this line in the end of Februari 2019. The price eventually decided to go below the line. Since then it has been touched as resistance once at Februari 2020 and now it seems like it has found it's resistance on it again.
Which brings us to the correction i teased in the Title. Because the price went up so quickly in the past few days, it is likely it has to cool off before it can shoot up to the moon. In the chart we can see the green area which consists of 3 possible reversal points. Two of the points are at the edges of the zone and the last one is the red line in the middle of the zone. I think it is very likely we will see a correction to the green zone before we see higher prices of this cryptocurrency. This gets invalidated when the price rises above its previous recent high.
