anzach77
Long

ICXBTC, impending breakout from a squeeze

BINANCE:ICXBTC   ICON / Bitcoin
Welcome to this quick TA on ICX.

As you can see a wedge pattern has formed while price coils in towards converging Moving Averages. We can also observe price has broken above the all three MAs, returning back to the mean. The other key pattern printed is an impending GOLDEN CROSS formation, where the 50MA is testing the 200MA.

Three critical points to look out for:
REJECTION - from the overhead resistance
CONSOLIDATION - returning back to the mean, holding its support
CONFIRMATION - breakout from the overhead resistance

Good volume is observe, and maintained, signalling attention and accumulation.

Risk reward ratio is extremely favourable given that we are so low compared to previous highs, its a no-brainer. The major overhead resistance we may see would be the 50MA on the daily charts .

My planned exits would be 545 sats and 623 sats respectively, and maybe leave some for the ride. Stop loss for when it falls outside the wedge :)

Happy trading
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out