Icon Falls 28%, Since My Warning on 2/26! (ICX/BTC)
Hi friends, and congratulations to my followers who came in second place during this week's #CoinVote, by voting for ICON! Let's get right to it! Looking at the four hour chart for ICX/BTC, you can see that ICX has juuuust broken below the downside target level, that I gave you on 2/26. If you recall, I warned that further downside "could put us on the support level at 3075." You can see that the 3075 level was tested for a while, but now we're breaking down below it. So, let's assess the downside support levels. You can see that there is a small support level just below, that is actually being tested right now, at about 2989. If that level falls, Icon could fall to the 2624 level. In any event, we can see that the overall trend is down. Icon is producing lower highs and lower lows, so it is technically in a downtrend. With that said, the volume and momentum are relatively weak, which is why the candles are so small on the chart.
If you recall from a few analyses ago, I said "I'd like to draw your attention to the orange circles on other chart. You can see that each time we had a break above the 50 EMA , Icon started to print topping tales on the candles. This occurred on high volume, and then ICX/BTC -3.06% quickly reversed to the downside. Looking at the current action, you can see that the exact same thing appears to be happening. We've broken above the 50 EMA , printed two topping tales, and now the current candle is returning to the downside." This analysis remains true. If ICX/BTC rallies here, I wouldn't immediately trust it. This is a repetitive pattern, that I was able to spot just before this recent fall. At the time, ICX was trading at 4177, and it just fell to 3008, which is a loss of 28%. So, if we see another breakout above the 50 EMA (in orange,) I would watch for the big topping tales to form on the candles. When combined with big volume, they have been a fail-proof sell signal. With that said, no pattern continues forever, so pay attention to any alternative developments.
Overall, ICX/BTC remains in a technical downtrend. Rallies are likely to be capped by the 50 EMA, as they have been in the recent past. In terms of the time that has elapsed between each topping tale sell signal, and the next, ICX/BTC may be due to make another attempt at surpassing the 50 EMA. However, there are currently no indications of that. If ICX/BTC surpasses the falling green trendline, a test of the 50 EMA will be likely. For now, watch for a retest of the 50 EMA, or a breakdown below the support at 2989. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
If you recall from a few analyses ago, I said "I'd like to draw your attention to the orange circles on other chart. You can see that each time we had a break above the 50 EMA , Icon started to print topping tales on the candles. This occurred on high volume, and then ICX/BTC -3.06% quickly reversed to the downside. Looking at the current action, you can see that the exact same thing appears to be happening. We've broken above the 50 EMA , printed two topping tales, and now the current candle is returning to the downside." This analysis remains true. If ICX/BTC rallies here, I wouldn't immediately trust it. This is a repetitive pattern, that I was able to spot just before this recent fall. At the time, ICX was trading at 4177, and it just fell to 3008, which is a loss of 28%. So, if we see another breakout above the 50 EMA (in orange,) I would watch for the big topping tales to form on the candles. When combined with big volume, they have been a fail-proof sell signal. With that said, no pattern continues forever, so pay attention to any alternative developments.
Overall, ICX/BTC remains in a technical downtrend. Rallies are likely to be capped by the 50 EMA, as they have been in the recent past. In terms of the time that has elapsed between each topping tale sell signal, and the next, ICX/BTC may be due to make another attempt at surpassing the 50 EMA. However, there are currently no indications of that. If ICX/BTC surpasses the falling green trendline, a test of the 50 EMA will be likely. For now, watch for a retest of the 50 EMA, or a breakdown below the support at 2989. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
Comment:
My call from 2/26...
