Today’s chart update will be on ICXBTC pairings, Potential Ascending Triangle,
Points to consider, - Trend currently bullish on 240 timeframe - New Higher Low potentially in place - Structural resistance in confluence with .382 Fibonacci Level - Stochastics showing upwards momentum - RSI bouncing of local support - Volume extremely low - EMA’s holding price support but looks weak - Potential Ascending triangle forming (bullish pattern)
ICX/BTC pairings has being putting in structural lower highs coming into a major resistance zone that is in confluence with the .382 Fibonacci level, a break will only come to fruition if we see an increase in volume, which is currently below average…
The stochastics currently has momentum projected upwards, which is necessary as ICX is currently testing it’s upwards trend line, putting in its next potential higher low. The RSI is quite neutral as it bounces of current local support; we do need a third touch to confirm its significance though. The EMA’s are trying to hold price as support, however does look quite weak as we don’t have the required bull volume as of yet.
Price action overall looks like its forming a potential Ascending Triangle, which will break bullish from local resistance if volume shows up, otherwise a fake out will be on the cards. A break can see us test the .50 and .618 Fibonacci levels respectively, as these levels are off significance compared to previous price action.
What are your thoughts?
Will ICX break bullish when testing resistance, or will lack of volume reject price?
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And remember
Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment - Joe Vidich