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Icxbtcshort

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.
Short
by VinanceYT
2
ICON - HEADING TOWARDS DEATH! WHEN WILL THE MASSACRE END? ICX has been in the continuous long term downtrend since April end and the price has depreciated by 78%. It has been moving inside the falling wedge with a good slant slope which means a great selling pressure. The price has been continuously getting rejected from the basis line of the Bollinger bands.(See the circles marked with Pink colour) Now the price is at the lower boundary of the wedge from where it should try to move towards the basis line of the Bollinger bands or atleast till the upper boundary of the wedge. The last zone of support has been marked. If it falls below it, then i'll consider this coin as dead. Alternatively, there is a lot of upside potential left to be explored. A zoomed out view: This can be a good trade if the positions are opened after some signs of reversal and not to early. There is a lot less downside left for stop loss with a huge amount of upside potential. Tight stops can be used for this trade. I'll keep updating this, as and when required. P.S: This is not an investment advice. This is my personal journal. Invest your capital at your own risk. Keep an eye out. Trade safely. Always remember, money not lost is also a profit. Good luck trading.! Peace.
by johntradingwick
7