Hey buds, Taking a look at the ICX/BTC pair today on Binance. Here's the run down.
- Head and Shoulders Bearish Continuation Pattern forming after the long run down - Support/Neckline is in the 600- 603 box - Wait for a strong impulse H1 or H4 close either through the support or bounce up
Cheers, ~Chloster
Comment
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*UPDATE - Pair broke down sharply after hitting the neckline - Found support at the lows of 567 sats - Looking for a retest of the neckline
-Price tested the neckline to the tee and failed to break
-Price then moved below the local daily support
-Quickly retested and failed again
-Pair hanging onto the lowest price point on Binance at ~550 sat area
timmy_aussie
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Breakdown Scenario: The neckline resistance is too strong and will take a lot of momentum away from further downwards movements. Target is the upwards support formed by the bottoms approx 590.
Breakout Scenario: The neckline actually creates a triple bottom and we see a gradually increasing bullish momentum back up to the 4h 400MA, which has shown strong resistance twice recently. A retest of 690 support is likely.
My view: The potential gains for shorting at these extremely low levels are risky with very little reward. I will hold on until the price reaches a resistance rather than a support.
Chloster
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@timmy_aussie, Definitely agree with you there! Already tested neckline with a decent bounce, see where this takes price in the next few days.
-Price tested the neckline to the tee and failed to break
-Price then moved below the local daily support
-Quickly retested and failed again
-Pair hanging onto the lowest price point on Binance at ~550 sat area