nicostran
Long

ICX looking for Wave 3

BINANCE:ICXBTC   ICON / Bitcoin
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I believe ICX has recently completed Elliott waves 1 and 2, and is now in the beginning stages of wave 3.

As we can see from the 4 hour, the recent consolidation appears more sideways than anything, which is a very bullish sign.

I believe we will find support between the .618 and .5 fibos, and this could be a good buy area. There is also another potential support here in blue.

If we do break the .786 fibo in a convincing fashion before reaching this area, I would honestly just hop on the bandwagon. I realize that it is not good to FOMO, however this coin has some nice volume behind it, with plenty of upwards potential.

In Elliott theory, the 3rd wave is typically the largest, most impulsive wave. This would coincide nicely with #altseason, just keep an eye on bitcoin's price action. Keep your stop just under that .5 fibo.

But at the very least, I expect a retest of the high in wave 1, otherwise this pattern may be invalidated, and a symmetrical triangle type pattern may appear. This would still be okay, it would just prolong our breakout.

The biggest thing for me here is the volume surrounding the coin. I see no reason why it couldn't push up some more for this leg up.

Good Risk / Reward ratio as well.

Happy Trading!
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