mulugulu91
Long

ICX ICON Update

BINANCE:ICXBTC   ICON / Bitcoin
Based on my technical analysis of yesterday which I predicted correctly I would like to update my thoughts on a cleaner Chart.

We broke out of the ascending triangle and hit the first target of our five wave structure. Because it retraced to the golden ratio I do not expect wave 4 to retrace lower than the peak of wave 1.

The RSI on the daily chart is making higher highs and shows strength. The RSI on the 1h chart is showing lower highs which I relate to the retracement and cool down of the Indicator before it can start its rally to the next target.

The longer term target remains at ~54750 Satoshi, if the breakout does not fail (I will rechart if that would be the case). My time cycle analysis tells me that the longer term target should be hit within the last 10 days of April.

Please let me know what your thoughts are. I will appreciate every critical view on my work.
Comment: The resistance of wave one broke. The candle will have to close above the resistance line to approach the next target. The RSI is giving bullish signals and has enough juice left to reach the target soon. Today's volume was the highest since around 1 month. We can expect this to be the sign for a reversal in trend.
Trade closed: stop reached: ICX hit my conservative target at 33650 Satoshi and even extended it by a few points. The RSI on the hourly chart is overbought and is ready for a correction now. An update of the next levels will follow. Since this is my second chart on tradingview I would highly appreciate if somebody could tell me how to insert pictures here instead of creating a new analysis.
Trade active:

I updated the targets of ICX based on the new data that came in:

After retracing to 32450 Satoshi or slightly below (green box), I do not expect it to coninue the correction to a lower point. The indicators are cooling down and we can expect ICON to continue its bullrun.

Since the 5th wave is usually the one with the highest rate of failure, I will keep an eye on the upcoming movement and update as soon as I see anything suspicious.
Trade active:

Hi guys, here is the main update for today:

I had to rechart everything, since @calibretto gave me the idea of wave 2 just happening and not as I stated earlier wave 4. Good news is, that we can expect higher targets on this run.

The golden ratio is being violated so we might find ourselves at the next level of support at around 29600. The EMA 55 is acting as a support at the current moment and we also have the psychological support at 30000.

Indicators are looking healthy enough to start the run to our next target. Based on my past experience with ICX, BTC price is not tied to it and will not affect the movements of ICX.

Feel free to share your thoughts and ideas in the comments. It is highly appreciated.
Trade closed: stop reached: Unfortunately Bitcoin decided to turn the market sentiment, which also includes ICX. It was unable to finish its run to wave 3 even though the supports were very strong. I close this trade and hope that the one or other made some profits on this. I got in at around 28500 and set statistical stopp losses.

Next trades are coming soon!

-M.S.-
really good
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@mulugulu91 I almost got the same setup except that I count wave 1 as what you have for 1 and 2.
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Calibretto Calibretto
@Calibretto, so now we are in the 2nd wave I think. You can also see that when it retraces.
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mulugulu91 Calibretto
@Calibretto, Hi Calibretto! Thank you for your comment on my chart! Didn't see that setup at all and am going to rechart it. Saw it bouncing back from the golden ratio just now. The waves are pretty damn awesome then! Again, thank you very much for your idea!
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very good friend
+1 Reply
@comedy, Thank you very much
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