ICX/BTC has been in a heavy downtrend since January 30th. We have seen a selloff to almost the 0.718 Fibonacci retracement level when calculated from the overall first impulse wave up. We recently broke out of the downtrend on the daily chart with high volume and looks to be forming a cup and handle pattern. The right side of the handle has at the time of writing, come down to an ideal level in the upper third of the cup structure. If it drops below 3864 sats with conviction I that would be something to keep an eye on as a possible failed pattern formation. Other indicators such as the exponential moving averages show that we are going to be seeing a uptrend for the medium to long term. The 55 day moving average has nearly crossed below the 21,13 and 9 day EMA's. The RSI on the daily is showing bullish divergence and the MACD has crossed over on the negative side after being there for a while. The 12 and 26 day moving averages on the MACD are starting to fan out and moving to the positive side of the histogram which is a nice bullish indicator. This technical analysis combined with Icon's upcoming ICO platform release, staking news, token swap and other potential partnerships and news over the coming months shows that ICX/BTC has the potential for a nice bullish run.
Any advice or comments would be appreciated :)
Any advice or comments would be appreciated :)