CryptoCow

ICON (ICX) - more than 30% decline ahead

Short
BINANCE:ICXBTC   ICON / Bitcoin
Icon has recently broken out of a downtrend channel (in yellow) that it was residing in since early February.

The breakout happened on enormous volume , certainly helped or initiated by the fact that ICX was listen on Bithumb, Korea's biggest exchange.

Now it appears as Icon is heading back to retest the top of the channel - that would mean a further decline of at least 30%.

If you are holding a position in ICX, you could consider selling here and rebuying later (if you agree with my analysis).

If we bounce back up of the top of the channel, that would be a bullsih sign, falling back into the downtrend channel would obviously be a very negative development, which could lead to a further fall to the bottom of the channel.

Is there an exchange that allows shorting Icon?
Please let me know in the comments.

If you found this post helpful, please hit the Like button - that's an easy way to thank me for my time. Thanks!
Order cancelled: Idea invalitaded, because ICON bounced off the 30,000 satoshi support level.

Comments

uh wrong!
+1 Reply
CryptoCow lizardlips
@lizardlips, What is wrong? We are bouncing around the 0.0003 Satoshi support level now, that doesn't mean we can't go further down.
Reply
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