ICX - watching for the symmetry during descending triangle
This is an update to my ICX/ETH breakout chart, which fell below its resistance. However, I wish to update the chart with ICX's BTC pairing since we have 5x the volume on this pairing.
ICX is currently testing support. When dipping below this resistance followed by an uptrend, we may see a reversal. Note the symmetry in the triangle pattern where the resistance line broke and was followed by a correction. Here we are breaking the support line, which may lead to a reversal - bull signal. HOWEVER, descending triangles tend to result in a bearish trend upon the resistance being broken. Be cautious on this.
Please be aware of volume since this will be one of the most important features for a reversal to take place.
DYOR - take care and good luck
ICX is currently testing support. When dipping below this resistance followed by an uptrend, we may see a reversal. Note the symmetry in the triangle pattern where the resistance line broke and was followed by a correction. Here we are breaking the support line, which may lead to a reversal - bull signal. HOWEVER, descending triangles tend to result in a bearish trend upon the resistance being broken. Be cautious on this.
Please be aware of volume since this will be one of the most important features for a reversal to take place.
DYOR - take care and good luck
Trade active:
We are having a minor increase in volume looking at 1 and 2hr candle charts. Additionally we are right around the support, this is where we watch for movement. Looking at 1-5min candles and accompanying pitchfork fib sequences, we just broke current downward trend...attempting to break 30min downward trend.