we are correcting slightly since we got rejected by the 4750 sats, where do you think we can go down until? the 4hour StochRSI says we are overbought...
BernieO
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@AsmaHassan, Hi Asma your interpretation of a rejection at 4750 sats was a perfect completion of the Cup pattern. How much we go down to? Well probably your guess is as good as mine. It's possible we are thinking a 50% retracement or I wouldn't be surprised if it came down to 4300 sats. ICX has still only recently broken out of a descending wedge pattern.
RSI on a 4HR chart I don't believe shows overbought. Looks more so on the 1HR though.
Personally I sold at 4650 sats at the finish of cup & bought back in at the bottom of what I think is new bottom trend line. Now the waiting game to monitor the pull back/consolidation scenario & plan the next move from there with my stop loss in place.
But these targets will be what I'm personally looking for.
Asma7assan
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@BernieO, Hey...surprisingly i did exactly what you did. i sold at 4635 sats and bought again at 4530 sats which i think i bought too early but from the 1 hr looks like its slightly oversold hence why i entered (btw i use stochrsi rather than rsi since i feel like its a quicker detection than standard). i am contemplating whether to sell again and rebuy again but im guessing we will be retesting the resistance once again. if that does fail, im selling and rebuying much cheaper maybe at around 4300 - 4400 sats