ICON (ICX) - Breakout Imminent [Feb2018]
INTERPRETATION
ICXBTC
proceeded with its correction from the beginning of the month as suspected; although it was much more significant than anticipated (see below). An end to the correction w/large bullish run is considerably more likely than further decrease (although bearish symmetric triangle possible). With the recent growth of BTC & alt market, ICX will be among the group to have the largest potential growth. The question of interest is not whether ICX can endure, but rather "when" and "how much" it will grow. A break in the top trend line would be a more than comfortable confirmation to consider entry into a position.
BUY SIGNALS
-end of corrective period
-Price-T&K bull cross (minor & early interpretation)
CAUTIONS & CONFIRMATIONS
-possible bearish descending triangle
-end of Corrective Wave w/suspected new start to bullish Impulse Wave
-T&K bull cross & Price-Cloud bull entry & breakout to confirm large bullish sentiment
- current red cloud selling pressure may drive price down (followed by testing of bottom trend line)
POSITION
Entry @ 4700
Note: This entry is a premature. It is advised that further buy confirmations w/bear signals challenged before entry.
ICXBTC
proceeded with its correction from the beginning of the month as suspected; although it was much more significant than anticipated (see below). An end to the correction w/large bullish run is considerably more likely than further decrease (although bearish symmetric triangle possible). With the recent growth of BTC & alt market, ICX will be among the group to have the largest potential growth. The question of interest is not whether ICX can endure, but rather "when" and "how much" it will grow. A break in the top trend line would be a more than comfortable confirmation to consider entry into a position. BUY SIGNALS
-end of corrective period
-Price-T&K bull cross (minor & early interpretation)
CAUTIONS & CONFIRMATIONS
-possible bearish descending triangle
-end of Corrective Wave w/suspected new start to bullish Impulse Wave
-T&K bull cross & Price-Cloud bull entry & breakout to confirm large bullish sentiment
- current red cloud selling pressure may drive price down (followed by testing of bottom trend line)
POSITION
Entry @ 4700
Note: This entry is a premature. It is advised that further buy confirmations w/bear signals challenged before entry.
Trade closed: stop reached:
INTERPRETATION
The possibility of a Bearish Descending Triangle was forewarned as the price dropped below the bottom support. The 0.382 Fibonacci was also broken through & stop-loss was triggered. Loyal long-term investors will continue averaging down as ICX will more likely than not, rebound with price expectations to surpass the all-time-high within 2018.
POSITION
Exit @ 4100
The possibility of a Bearish Descending Triangle was forewarned as the price dropped below the bottom support. The 0.382 Fibonacci was also broken through & stop-loss was triggered. Loyal long-term investors will continue averaging down as ICX will more likely than not, rebound with price expectations to surpass the all-time-high within 2018.
POSITION
Exit @ 4100
