hashfail

ICONOMI Late Breaking Update Price Analysis

BINANCE:ICXBTC   ICON / Bitcoin
To get a really good idea of what's going on with ICON, we're going to have to go back to the 1H chart:


We can see clearly what happened to the price action once $ICX broke through the south side of the uptrend line that was holding the price up previously.


Soon as the price broke south of the uptrend for the flat top triangle (which we thought was forming), the price just fell off of a cliff from that point.


As much as -33% in just a little over a week (ridiculous).



Since then, the price has increased by as much as 18% before consolidating those gains to 10%.

No apparent patterns on the regular chart.

RSI is shitting the bed on the H1


Let’s see what’s going on for the H4


Neither the volatility RSI (third panel), nor the Filter RSI (green and red line; second panel) is super bullish .

Yes, there was a surge in the RSI , but we explained last week that a relatively short burst of price movement can cause a spike in the RSI .

Let’s Move Up to the Daily:


Absolutely no positive divergence to be seen. Honestly, what’s on the chart currently is more akin to a bear flag than the beginning of substantive price movement.

Conclusion

It can’t be ruled out, but there’s just nothing in the chart that’s making it appear to a no-brainer to place a long position on it at this current point in time.

Telegram = t.me/hashfail
Twitter = https://twitter.com/zerononcense
Website = blog.hash.fail
Sir. I follow you on telegram and Twitter.
I puke on a lot of so called "gurus". I trade crypto more then a year and can therefore state you are one of the best.

Thanks and please keep up the good work
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out