ICXBTC Cup&Handle and Descending wedge breakout
ICX has been oversold for a long time, the indicators show a high rebound probability.
On a 30-minutes timeframe there is a bullish reverse indicators and cup&handle formation which is going to be finished soon.
On a 1-day scale, you can see the formation of a descending wedge, a pattern indicating the end of a downtrend and the possibility of breaking through resistance via a strong bounce which opens a way for further growth.
From current levels, we can jump to the resistance, which is marked on the chart. This will finish the pattern and will indicate a bullish breakout from the long term descending channel.
When this happens a regular correction will occur and we will start a swing trade strategy. Once the price consolidates around Fib 0.618 - Fib 0.5, it will be possible to open long position according to the rest targets which are in the Premium channel.
We remind you that under the current state of the global crypto market, each position carries a high level of risks. Although this trade recommendation has low risk according to our classification scheme, do not follow emotions and "animal spirit", open only the position you are able to manage and track, use a stop loss. If the market goes below support, then the correct decision will be selling on the rebound and then buy again at lower levels, this will provide an opportunity to sell at previous entry order with profit. Be careful and keep tracking BTC and your opened alt positions.
On a 30-minutes timeframe there is a bullish reverse indicators and cup&handle formation which is going to be finished soon.
On a 1-day scale, you can see the formation of a descending wedge, a pattern indicating the end of a downtrend and the possibility of breaking through resistance via a strong bounce which opens a way for further growth.
From current levels, we can jump to the resistance, which is marked on the chart. This will finish the pattern and will indicate a bullish breakout from the long term descending channel.
When this happens a regular correction will occur and we will start a swing trade strategy. Once the price consolidates around Fib 0.618 - Fib 0.5, it will be possible to open long position according to the rest targets which are in the Premium channel.
We remind you that under the current state of the global crypto market, each position carries a high level of risks. Although this trade recommendation has low risk according to our classification scheme, do not follow emotions and "animal spirit", open only the position you are able to manage and track, use a stop loss. If the market goes below support, then the correct decision will be selling on the rebound and then buy again at lower levels, this will provide an opportunity to sell at previous entry order with profit. Be careful and keep tracking BTC and your opened alt positions.
Trade closed: target reached:
Accurately reached 2nd target in the Premium channel on 18th of July
All free targets were reached
Profit: 14.2%
Duration: 3 days
All free targets were reached
Profit: 14.2%
Duration: 3 days
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