The price here will find support at three different levels. From the bottom up, we see first the support zone level 2 going far back. Then we have support zone level 1 a little bit more nearby, with a confirmation very recently.
However, when we look at the descending triangle we can see a negative momentum where the support is weakening. Also ICX seems to be in an overall downtrend. I expect that the top two supports will break, but that it will find true support at the Support Level 2, after which it will gain in momentum again.
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This analysis is playing out really nicely, but everything happened a bit faster than I expected
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here you can see the updated chart. Level 2 support has been hit already and resulted in a very strong rejection. So far we've seen a strong bullish uptrend after the support zone was reached.
I have been very surprised icx did now break support on its btc chart. Partly I figured due to people’s investments locked up in staking, but it has been holding its btc price for a while now.
@brycesaint, that might be a very realistic explanation. Staking does tend to keep the price higher for sure. Also, it seems like the analysis is playing out, it's just a bit faster than expected:
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give eachother feedback.