If ICX Breaks Back Above Support...All Hell Breaks Loose
Welcome to alt season guys! It's been a pleasure charting throughout this bear market. You'll see why I speculated that this could happen very soon in my recent posts. Anyway, let's get right to a quick and dirty ICX analysis. If this thing can get back above the 530-550 area, there's not much resistance until 736. Based on the market's momentum, I think ICX can also surpass its recent high. Additionally, ICX is just a few cents from breaking its April high on the USD chart:
If $0.45 breaks, the previously broken ascending trendline is next (around $0.55). And if THAT breaks, it would trigger a potential inverse head and shoulders that could send it all the way up towards $1.30. I guess we'll see how bullish the market really is. On the downside, if ICX can't get back above its broken support, and if Bitcoin dumps...sending it to new lows...that would be a bad sign, obviously. For now, things are looking very good.
Previously, I forcasted the ICX rise from the 700 area towards 1000. However, it got rejected heavily there and even headed to a new low. If ICX can sustain a pump here, this was likely the enormous bear trap for altcoins that I've been talking about for a while.
This is not financial advice.
-Victor Cobra
If $0.45 breaks, the previously broken ascending trendline is next (around $0.55). And if THAT breaks, it would trigger a potential inverse head and shoulders that could send it all the way up towards $1.30. I guess we'll see how bullish the market really is. On the downside, if ICX can't get back above its broken support, and if Bitcoin dumps...sending it to new lows...that would be a bad sign, obviously. For now, things are looking very good.
Previously, I forcasted the ICX rise from the 700 area towards 1000. However, it got rejected heavily there and even headed to a new low. If ICX can sustain a pump here, this was likely the enormous bear trap for altcoins that I've been talking about for a while.
This is not financial advice.
-Victor Cobra
Comment:
This is the potential move I'm seeing. So far, it seems that we're building some buying pressure just below the 500 resistance. Volume decreasing during consolidation is a good sign.
Comment:
A drop below 445 would probably invalidate this idea in the short term, anyway.
Comment:
ICX is having a really hard time getting above broken support, unlike a bunch of other cryptocurrencies. I'm currently looking for trading opportunities elsewhere for now, but maybe ICX can surprise us. That 530-550 resistance area is the place to break.
