thomas58700
Long

ICX Cup and Pennant with Support and Targets

BINANCE:ICXBTC   ICON / Bitcoin
Hello, welcome to my ICX analysis!

For ICX we've started off making a cup and handle , completed the retrace, then moved into a wedge/pennant structure after a brief run. The overall target has not been completed for ICX, therefore, after we break the pennant's upper trend we should see a decent run. You can also see wicks down where BTC has dropped making it test supporting levels.

Green zones are targets, an entry currently would be smart to grab it before it travels to the top of the pennant and challenges a break out giving time for you to react and hold till you see fit. If it is rejected then you can still sell for a profit. An appropriate stop-loss would be below the support line or below the pennant .

The time frame is on 2 hour so you can see the 2 hour MACD bullish cross.

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The link is still available on my profile, good luck trading!

Comment: We're either making a small inverse head and shoulders here or getting ready to move out the base of the wedge. A safe entry would be when the neck line is broken on the fully formed inv. H&S
So unfortunate, really good chart, clear as day, but royally screwed by BTC. Keep an eye on it, cheap ICX is never a bad thing :)
+1 Reply
Sir I'm not familiar with neckline. Which level is neckline? 0.0005?
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thomas58700 mazyarapps
@mazyarapps, Neck line is 0.000439, it is the line that the tops of the inverse head and shoulders make. Once we pass, it should push then fall back and use the neckline as support. That is when you know the H&S is confirmed.
+1 Reply
mazyarapps thomas58700
@thomas58700, thank you
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