Hello Tradingview friends,
Today I'm going to cover ICON ICX/USDT pair which looks like it's forming a symmetrical triangle.
ICON Project:
The ICON Cryptocurrency (ICX) is a cryptocurrency network that was launched in 2017 by a company based in South Korea. ICX is the associated cryptocurrency token or coin. ICON is actually a complete blockchain network, with the primary purpose of facilitating the connection and interaction of various blockchain software programs through the ICON network.
ICON aims to serve as a sort of a blockchain hub or a point of connection. The company is addressing an important need in the growing field of blockchain technology. One of the challenges for the widespread adoption of blockchain technology is that each separate blockchain community uses its own network. Therefore, the ability to connect the various separate networks is a major step forward in blockchain technology, which is increasingly being used as a more secure mechanism for the transfer and/or storage of all types of data.
Technical analyses:
It looks like ICX is forming a big symmetrical triangle which most of the time is a continuation pattern. So how can we decide if it's true and what clues can we find to confirm this thought? A symmetrical triangle is formed by an initial wave 1 or A up (could be down in a bearish trend and up in a bullish trend), followed up by a wave A down, ABC up and another wave C down to complete a big ABC correction. Right now we would be at the end of wave C. This sequence forms the triangle as you can see on the chart.
The clue that got me triggered is the "hidden bullish divergence" (green line) and the traditional "bullish Divergence" (pink line)
Hidden bullish divergence is when the price makes a higher low but the indicator (RSI in my case) makes a lower low and in this case showed that ICX was oversold at 0.9 ICX/USDT.
Bullish divergence : is when the price makes a lower low but the indicator is showing a higher low. So in both cases, they go the opposite direction.
This divergence makes a good case and could confirm my thought about this triangle.
IF ICX breaks the upper resistance the target would be ICX/USDT 4,76 which is a 357% upward potential.
I hope this is useful for you and it helps you to confirm your own thoughts. I'm just another guy trying to make some money. #DYOR
Good luck!
Today I'm going to cover ICON ICX/USDT pair which looks like it's forming a symmetrical triangle.
ICON Project:
The ICON Cryptocurrency (ICX) is a cryptocurrency network that was launched in 2017 by a company based in South Korea. ICX is the associated cryptocurrency token or coin. ICON is actually a complete blockchain network, with the primary purpose of facilitating the connection and interaction of various blockchain software programs through the ICON network.
ICON aims to serve as a sort of a blockchain hub or a point of connection. The company is addressing an important need in the growing field of blockchain technology. One of the challenges for the widespread adoption of blockchain technology is that each separate blockchain community uses its own network. Therefore, the ability to connect the various separate networks is a major step forward in blockchain technology, which is increasingly being used as a more secure mechanism for the transfer and/or storage of all types of data.
Technical analyses:
It looks like ICX is forming a big symmetrical triangle which most of the time is a continuation pattern. So how can we decide if it's true and what clues can we find to confirm this thought? A symmetrical triangle is formed by an initial wave 1 or A up (could be down in a bearish trend and up in a bullish trend), followed up by a wave A down, ABC up and another wave C down to complete a big ABC correction. Right now we would be at the end of wave C. This sequence forms the triangle as you can see on the chart.
The clue that got me triggered is the "hidden bullish divergence" (green line) and the traditional "bullish Divergence" (pink line)
Hidden bullish divergence is when the price makes a higher low but the indicator (RSI in my case) makes a lower low and in this case showed that ICX was oversold at 0.9 ICX/USDT.
Bullish divergence : is when the price makes a lower low but the indicator is showing a higher low. So in both cases, they go the opposite direction.
This divergence makes a good case and could confirm my thought about this triangle.
IF ICX breaks the upper resistance the target would be ICX/USDT 4,76 which is a 357% upward potential.
I hope this is useful for you and it helps you to confirm your own thoughts. I'm just another guy trying to make some money. #DYOR
Good luck!