BINANCE:ICXUSD   ICON / US Dollar (calculated by TradingView)
Looks like a textbook inverse H&S . On each movement volume increase the price was moving up. At the moment still below the neckline though, so even though it looks great, it can still fail. It looks like it needs Bitcoin' to break the 3900/3950. If the neckline breaks, we need to see volume increase as well. On the right we can see a green support, that one must hold to keep momentum. Otherwise we could see a retest of that upwards trend line .

Even though this one looks much better than from my previous analysis, the setup back then was good as well. And still it failed. Safest play is waiting for a breakout, a pullback and buy at confirmation.

Previous analysis:

Comment: Been watching the price the past few hours, not it's getting even more identical. If we see some sideways action now and a break of that trend line, we could simply just be moving up as the previous time. The bigger picture, that green support on the left has to hold to keep the inverse H&S intact

Comment: Seems they were not patient :)

Comment: So ICX is already going higher with a sideways Bitcoin, which is a good sign. Now ideally we stay above the green zone and see another good push up with volume. But that means btc has to stay above the 4040 i think.

Comment: A few attempts now to break up, but so far they have all failed. Still in the right shoulder zone, meaning it can certainly still work out. But it should not take several more days though. One important thing, the volume at the drops is not high, so that increases the chances a bit for the bulls. Just should not see that trend line on the right break. Because that chances become less likely of course. The 0.270ish (green support on the left) should be the last support to keep the inverse H&S alive.
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how do you set a stop on binance? it only has stop-limit, not stoploss
So I picked up a lot more at 0.265 USDT, but we're stuck at the neckline again. Think the rally is losing steam?
jscduk12 jscduk12
@jscduk12, My strategy is to hold my current position, and only buy in if 1) there's a reasonable pullback or 2) confirmed breakout. Thoughts mate?
it’ll correct. EW 5 waves almost in.
+1 Reply
Thanks for this David, I've been watching this one lately too. I agree though, I'll wait for confirmation this time. Keep up the great work!

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