ICXBTC Fractals | Potential Bottom Formation!
Hello Traders,
Today’s chart update will be on ICXBTC, where potential fractals are playing out. We have local resistance formed, followed by a dump retracing back to the .236 Fibonacci level and dumping again.
ICX may be on the verge of dumping again according to the fractals however we do see bear impulses declining significantly on each dump, could this be the bottom forming?
Points to consider
- Trend bearish on daily
- Resistance at the .50 Fibonacci level
- New trend line acting as local support
- Stochs showing downwards projection
- RSI testing trend line
- EMA’s natural at current time
- Seller getting exhausted
- Volume is declining
ICX is in an interesting position on the chart where there are indictors pointing towards a bottom formation…
The daily trend needs to put in higher lows to change the trend which can be achieved through breaking the .50 Fibonacci level, which is currently being test right now. We have a new trend line being established. This needs to hold otherwise price will be bearish if broken, putting emphasis on the fractals coming to fruition.
The RSI is currently testing its trend line, a hold and respect of this trend line will greatly increase the probability of this being the bottom. The EMA’s is neutral at currently give time, price is trading within it as we don’t have a clear cross and direction.
Most noticeably, IMO, is that these fractals are losing steam as the bear impulses are getting smaller. If price holds and respects the trend line and puts in a higher low,that would be really bullish, a potential local bottom will be in place, however this needs to be confirmed with having an increase in bull volume…
What are your thoughts?
Please leave a like and comment
Today’s chart update will be on ICXBTC, where potential fractals are playing out. We have local resistance formed, followed by a dump retracing back to the .236 Fibonacci level and dumping again.
ICX may be on the verge of dumping again according to the fractals however we do see bear impulses declining significantly on each dump, could this be the bottom forming?
Points to consider
- Trend bearish on daily
- Resistance at the .50 Fibonacci level
- New trend line acting as local support
- Stochs showing downwards projection
- RSI testing trend line
- EMA’s natural at current time
- Seller getting exhausted
- Volume is declining
ICX is in an interesting position on the chart where there are indictors pointing towards a bottom formation…
The daily trend needs to put in higher lows to change the trend which can be achieved through breaking the .50 Fibonacci level, which is currently being test right now. We have a new trend line being established. This needs to hold otherwise price will be bearish if broken, putting emphasis on the fractals coming to fruition.
The RSI is currently testing its trend line, a hold and respect of this trend line will greatly increase the probability of this being the bottom. The EMA’s is neutral at currently give time, price is trading within it as we don’t have a clear cross and direction.
Most noticeably, IMO, is that these fractals are losing steam as the bear impulses are getting smaller. If price holds and respects the trend line and puts in a higher low,that would be really bullish, a potential local bottom will be in place, however this needs to be confirmed with having an increase in bull volume…
What are your thoughts?
Please leave a like and comment