ICX appears to be within an Ascending Triangle pattern.
ICX/BTC appears to be within an ascending triangle pattern. This type of pattern is usually bullish. I've laid out a few scenario's of what I think will happen.
Scenario 1 (Green Arrow): ICX/BTC bounces off the sideways support (around 1000 sat's) and moves to the upside breaking through the top of the ascending triangle (around 1090 sat's), of which the target area would be around 1250-1300 sat's.
Scenario 2 (Yellow Arrow's): ICX/BTC bounces off the sideways support and moves to the top of the ascending triangle pattern before getting rejected again. It could then retest the sideways support a second time before moving up and breaking out of the top of the ascending triangle and then starting its move toward 1250-1300 sat's.
Scenario 3 (Red Arrow's): ICX/BTC fails to hold the sideways support and breaks to the downside. Additionally, it could successfully hold the current retest of the sideways support, move up to the top of the ascending triangle, get rejected, then fall back down to the sideways support line before eventually breaking through it to the downside. If this occurs, I will be watching 850 sat's as a possible area of reentry, and if that fails to hold, then 790-800 sat's. (790-800 sat's was the bottom we hit back in mid August, and was the springboard for it's move to around 1450 sat's in late August.)
RSI on the 4-hour is seeing a little movement downward, but it's fairly neutral otherwise. Daily RSI is neutral for the most part. MACD on the 4-hour did get a bearish crossover around 11 PM on October 3rd, indicating a potential for more short-term downside. Daily MACD got a bullish crossover around September 20th, and the Weekly MACD also got a bullish crossover around September 24th which could indicate upward movement on a larger time frame. To go along with that, Stochastic on the 4-hour is oversold, and could see a turn-around soon. Daily Stochastic got a bearish crossover today, but that might coincide with our retest of the sideways support line, so I'm not reading too much into it, especially with the 4-hour Stochastic oversold. As always, keep an eye on Bitcoin and it's price movements as well, since it can be a major influence on alt-coin movements.
Entry: 998-1015.
Target: 1250-1300.
Stop-loss: 955.
--This is not financial advice or financial recommendations. This is merely my opinion. Do your own research and come to your own conclusions before buying/investing. I am not liable for any losses incurred.
Scenario 1 (Green Arrow): ICX/BTC bounces off the sideways support (around 1000 sat's) and moves to the upside breaking through the top of the ascending triangle (around 1090 sat's), of which the target area would be around 1250-1300 sat's.
Scenario 2 (Yellow Arrow's): ICX/BTC bounces off the sideways support and moves to the top of the ascending triangle pattern before getting rejected again. It could then retest the sideways support a second time before moving up and breaking out of the top of the ascending triangle and then starting its move toward 1250-1300 sat's.
Scenario 3 (Red Arrow's): ICX/BTC fails to hold the sideways support and breaks to the downside. Additionally, it could successfully hold the current retest of the sideways support, move up to the top of the ascending triangle, get rejected, then fall back down to the sideways support line before eventually breaking through it to the downside. If this occurs, I will be watching 850 sat's as a possible area of reentry, and if that fails to hold, then 790-800 sat's. (790-800 sat's was the bottom we hit back in mid August, and was the springboard for it's move to around 1450 sat's in late August.)
RSI on the 4-hour is seeing a little movement downward, but it's fairly neutral otherwise. Daily RSI is neutral for the most part. MACD on the 4-hour did get a bearish crossover around 11 PM on October 3rd, indicating a potential for more short-term downside. Daily MACD got a bullish crossover around September 20th, and the Weekly MACD also got a bullish crossover around September 24th which could indicate upward movement on a larger time frame. To go along with that, Stochastic on the 4-hour is oversold, and could see a turn-around soon. Daily Stochastic got a bearish crossover today, but that might coincide with our retest of the sideways support line, so I'm not reading too much into it, especially with the 4-hour Stochastic oversold. As always, keep an eye on Bitcoin and it's price movements as well, since it can be a major influence on alt-coin movements.
Entry: 998-1015.
Target: 1250-1300.
Stop-loss: 955.
--This is not financial advice or financial recommendations. This is merely my opinion. Do your own research and come to your own conclusions before buying/investing. I am not liable for any losses incurred.
Comment:
Got a nice bump up so far as for Bitcoin moved up above one of it's resistance levels. 1085-1090 is the area to watch for ICX/BTC; as for a break above could confirm a break-out to our 1250-1300 target. I wouldn't be surprised to see some resistance around 1150, but if Bitcoin remains bullish, our initial target area's should be well within reach. Deciding when to take profits depends entirely on your goals as a trader. If you're looking for a 5-10% lower-risk play, you can take profit's around the resistance level of 1085-1090. If you think it will break-out, but only to around the 1150 level, have sell-orders ready around that area. If you're confident that Bitcoin will continue to move up and the rest of the market will follow, then you can go long until 1250-1300.
Comment:
Hit target 1 a few days ago (1085-1090) and got about 1/2 way to our next target at 1150 (hit around 1115 at peak.) Yet again though, Bitcoin shows it's pull in the market with a massive $300-400 drop, and when it fell, majority of the alts followed.