I hope everyone held strong during that latest BTC tumble! ICXBTC hit a low of 4250 during this time but has rebounded nicely to 4340 at the time of this writing.
We're starting to navigate the upper portions of the green target box that I drew a couple days ago. This is a great area to enter for the intermediate term as we have now formed a falling wedge inside of a bull flag. Savvy traders might wait a bit longer though for BTC to find support around 9000.
It is very encouraging that RSI is on an uptrend while we have been in this wedge. I am expecting us to break out of this wedge to test the resistance of the bull flag within 24 hours. We will then likely bounce off resistance for a quick consolidation before breaking out of the into the next wave.
In the grand scheme of things, we have to watch out for a potential rising wedge signaling a bearish trend, but for the intermediate term, ICX is ready to pop.
Hang on to your hats!
(NOT FINANCIAL ADVICE)
If you enjoyed this analysis, give me a thumbs up!
We're starting to navigate the upper portions of the green target box that I drew a couple days ago. This is a great area to enter for the intermediate term as we have now formed a falling wedge inside of a bull flag. Savvy traders might wait a bit longer though for BTC to find support around 9000.
It is very encouraging that RSI is on an uptrend while we have been in this wedge. I am expecting us to break out of this wedge to test the resistance of the bull flag within 24 hours. We will then likely bounce off resistance for a quick consolidation before breaking out of the into the next wave.
In the grand scheme of things, we have to watch out for a potential rising wedge signaling a bearish trend, but for the intermediate term, ICX is ready to pop.
Hang on to your hats!
(NOT FINANCIAL ADVICE)
If you enjoyed this analysis, give me a thumbs up!