Hi friends! Welcome to this update analysis on ICON! Let's get it! Looking at the four hour ICX/BTC chart, you can see that a significant breakdown has occurred since my last post. If you recall, I said "if [Icon] breaks below the pink rising support level, that would indicate further downside, most likely down to the 61.8% retrace." You can see that my projection happened perfectly. It tired to rally into my red resistance zone, but failed as soon as it reached it. Then, the pink trendline was broken, and ICX/BTC quickly fell to the 618. That's a drop of over 25%! I'm telling you people, if you doubt analysis, and the power that it has to project market moves, you're very wrong. Technical analysis is, by far, the most powerful tool for gaining an edge on the market. You can see that the 20 EMA (in blue) is falling toward the price action at the moment, and the 50 EMA (in orange) is right behind it. So, significant support is falling into the price action, which could initiate further downside. Contrarily, you can see that the MACD is forming a bullish divergence. It's also trying to roll over to the upside. What we want to watch now, is how price behaves around the 618. If we fall back below it, ICX/BTC could fall dramatically, down to around 3058. Below that, ICX/BTC could dip to the 786. However, if Icon begins to rise above the 20 and 50 EMAs, a test of the 50% retrace, and then bottom of the pink trendline could ensue. For now, lets watch to see if it surpasses the 20 EMA, or if it falls below the low just made under the 618. I've just drawn a bear flag over this recent decline, to also show that we may be forming a large bear flag as well. You can see that the moving averages are falling directly into the flag, so it isn't looking too pretty for Icon. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
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.***
The problem is, this has nothing to do with ICON....BTC controls everything and everyone. What is the use of TA on these alt coins when BTC is the real driving factor? Not trying to be a dick, genuinely curious.
crazyheinz
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@deadlyeffect, I also ask myself this from time to time.
houseofari
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@deadlyeffect, it's kind of like saying, "why keep living when you know you will die and it all won't matter?" Until we die, or rather, until BTC crashes, there's a lot we can still do. And mind you, last year the market was stable for months and trading was easy. The question wasn't which coin would rise. It was which coin would rise the quickest and highest. As soon as this market reaches some stability, those times will come back. But it could take months.
helpfox
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keep us posted on entry level. thanks
matoa
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This is scary:) I'm glad we have you!
mezase
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Bubbles everywhere
crazyheinz
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inverted hammer on the daily. I hope we don't break this support.