IcOn - Ethereum's alternative - bottom 0.0000880
First of all - Technical analysis of any sort is based on historical price action. Any future price action prediction is a theoretical view of an author in regards to speculated price movement.
Trader/analyst/investor by using chosen set of tools hopes to gain profit from those trading pairs which seems to follow rigoristic criteria.
Icon/Bitcoin is now one of those pairs from my point of view.
Major focus :
1. Theory: my ideas always fail.
2. A trend is your friend.
3. Importance of Rsi (Relative Strength Index).
4. Patterns / Formations.
Analysis :
It is obvious that we are certainly not in a bull market. As an author of this analysis, I am assuming we found a bottom in the ICX/BTC pair. RSI indicates signs of bullish divergence (12'th of September vs 12'th of November) - volume is dropping, bears are slowly losing steam. We can clearly see falling wedge (white) and bullish broadening wedge (blue) - both indicate a possible change of price movement to the upside. Targets are divided into 2 categories (green and yellow) - green is most likely to happen in a relatively short period of time (up to 90 days) yellow is a longer term investment. If bottom at 0.0000880 is broken and candle closes below, we can expect the price to drop down to previous low (around 0.0000770) - I would advise here tight Stop-Loss at 0.0000840 level.
This analysis will be regularly updated.
Trader/analyst/investor by using chosen set of tools hopes to gain profit from those trading pairs which seems to follow rigoristic criteria.
Icon/Bitcoin is now one of those pairs from my point of view.
Major focus :
1. Theory: my ideas always fail.
2. A trend is your friend.
3. Importance of Rsi (Relative Strength Index).
4. Patterns / Formations.
Analysis :
It is obvious that we are certainly not in a bull market. As an author of this analysis, I am assuming we found a bottom in the ICX/BTC pair. RSI indicates signs of bullish divergence (12'th of September vs 12'th of November) - volume is dropping, bears are slowly losing steam. We can clearly see falling wedge (white) and bullish broadening wedge (blue) - both indicate a possible change of price movement to the upside. Targets are divided into 2 categories (green and yellow) - green is most likely to happen in a relatively short period of time (up to 90 days) yellow is a longer term investment. If bottom at 0.0000880 is broken and candle closes below, we can expect the price to drop down to previous low (around 0.0000770) - I would advise here tight Stop-Loss at 0.0000840 level.
This analysis will be regularly updated.
Trade active:
Moved stop-loss to 0.0000820 due to bullish divergence :
Comment:
Divergence seen on smaller time frame (1h)
Comment:
4H oversold :
