Xzhi

ICON Trading Opportunity

Long
BINANCE:ICXBTC   ICON / Bitcoin
ICON showing signs of strength again after 36% correction from Bitthumb pump

Signals:
ICX having a hard time breaking through 3375 resistance, which is the 0.382 fib level
RSI: Very strong. In crypto we know the RSI is very accurate at predicting short term price drops, and this one is approaching the overbought zone on the 4 hour. However, a very strong RSI can also be a good thing if volume can match.
Bitcoin dominance on a decline again, we can safely assume alt season is likely here

How to trade:
Safe: Buy in at 3400 sat level after convincing volume allowing it to fully break out of the 0.236 resistance
Sell points:
0.618 fib level, where previous resistance was

Risky: Buy in at 3400 sat level after convincing breakout.
Sell points:
4115 sat level

If you don't agree, please leave the reason in the comments. I will read and consider all your comments and use them in my next TA's.
Trade closed: target reached: Target reached, good volume to justify the price action, but seems like we are currently unable to break 3772 sat resistance level. Bitcoin needs to hold 8k for me to be truly bullish for ICX to have a breakout.
Comment: We did manage to break through :D. This alone can almost signify another bull trend for alts. I think the mentality has shifted from bearish to bullish with all this good news. We are still in a down trend but I feel like the trend is not our friend anymore, because it is the "end"!

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out