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 , Icon started to print topping tales on the candles. This occurred on high , 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 , 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 (in orange,) I would watch for the big topping tales to form on the candles. When combined with big , 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 , 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 . However, there are currently no indications of that. If ICX/BTC surpasses the falling green , a test of the 50 will be likely. For now, watch for a retest of the 50 , 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.***
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