ICXBTC Bullish - 113% Profit

Hey Guys:

ICXBTC is our next coin of discussion.

Looking at the 1D chart on the left, it appears that we may have reached the bottom of this correction.

Entry Point:
No surprise here, we're gonna want to get in between the 0.236 and 0.382 Fibonacci levels of our 1D chart.

Should we fail to break the resistance around 0.0005839, I'll be looking to enter my position around 0.0003801. Should this happen, I will use the strength of the fall in order to help me gauge whether or not I think that it will fall below that support.

Target Points:

(1) 0.0007101
(2) 0.0008121
(3) 0.0009141
(4) 0.0010593
(5) 0.0012443

Stop-Loss:

Look to set a stop-loss below the Fibonacci level that you entered the trade at. I will post an example once a position is entered.

Indicators:

1 Day

Fibonacci

• The Trend-Based Fib Extension is used to gauge potential support/resistance levels after we've gone through a correction of the previous trend. This is where the price points are taken from.
  

Moving Averages

• Our 50-MA (blue) has just formed; showing an uptrend. Since this is a lagging MA, we should expect it to dip as did the price between 30 January and 5 February.
  
• Although our 20-period EMA (orange) is currently below the blue line, we should expect it to move upwards, since it's lagging, as the blue line falls (as stated above).
  

Sniper T3-CCI

• We will wait for two or three candles to close above the line. This event will confirm the bullish trend .
  

Volume

• Since bottoming out on 5 February, and even the few days prior, there has been a steady climb in volume which is great for supporting the movement of the price.
  
• The black arrow is to just show a projected and ideal path.
  

Candlesticks

• I've drawn the green curve, which I mention in the Moving Averages section above, shows the rounding out of a bottom. This often indicates that the end of the current trend is nearing it's end.
  
• Along with this potential bottom, we have a series of hammers and spinning tops. These indicate indecision between buyers/sellers; and often a reversal of the current trend.
  

4 Hour

Fibonacci

• Using the Fib Retracement tool, we can see that there we have support/resistance at 0.000507.
  

Moving Averages

• Our orange line looks as though it is about cross above the blue line.
• However, our T3-CCI, along with the spinning top candle below the red arrow, indicate otherwise.
  

Sniper T3-CCI

• It looks as though we may be at the top of the current rise we've experienced over the past 12 hours or so.
  
• We shouldn't be surprised to see this fall, with relation to the price.
  

Candlesticks

• If you look at the red lines I drew, they indicate show the slope of the dips we've experienced. If you compare them, you'll notice that the slope has started to flatten out; indicating a reversal of the overall trend.
  
• The spinning top candle underneath the red arrow warns us of the severe indecision between those 4hours. This often indicates a reversal of the current trend. As with our Sniper T3-CCI statement, we shouldn't be surprised to see this fall, with relation to the price.
  

Summary

Again, a lot of information but I think it's necessary to take these kind of steps when considering the trajectory of a coin. That being said, I don't have a crystal ball telling me what is about to happen. This is just my thought process and we'll see what happens next.

Good Luck!

-Matt

Trade active:

Hey Guys:

We were 1 for 2 on our initial analysis. Our 4hr predictions were spot on and we did drop lower before rising.

Moving Forward:

Below you will find the 1D chart. There are a few things that I've changed:

• I've updated our Trend-Based Fib Extension to reflect the new bottom of the retracement.
  
• I've drawn a trend line (think-black line) to indicate some trend in corrections after a rise. You can see that after the rise from 6 Jan through 9 Jan, the correction's initial support falls inline with this trend line; indicating some type of relation that we should, in my opinion, take into consideration.
  
• I've added a MACD to help us gauge momentum. If you look at the blue line that I've drawn you should notice that, although the price dropped about 27%, the histogram did not support this bearish activity; indicating that there was a lack of momentum behind it.
  
• The green curve shows how I think the price is going to act through the next few weeks. Since humans are repetitive in nature, we can consider the possibility that our trading will mimic the last time we hovered at this support (pink line). Therefore, a bottom around 3 March could indicate a possible uptrend.
  

Below you will find the 4hr chart. Few things to note:

• We've unsuccessfully tested the 0.0003981 resistance six times over the past 2 days.
  
• We would love to find support at the blue trend line that I've drawn.
  
• I've shortened the high-low range for the MACD to show you what it's doing. So, please remember that this is not to scale and the effects are smaller than they appear (lmk if that doesn't make sense). Nonetheless we have our first signal, the Signal Line Crossover, which although the most common signal provided by the MACD, indicates bullish behavior in terms of momentum.
  
• We'll see how these support/resistance levels hold up.
  

I have a buy order set from 0.0004135 - 0.0004175

-Matt