ICX watching daily and 4 hour tightening range/inside bars
https://www.tradingview.com/chart/X8yaAewV/
ICX is getting tighter on the daily and the 4hr timeframe and for the last 3 days has been trapped inside the wide ranging mother bar candle from October 18th. You can see the range tightening:
October 18th Mother Bar candle: .6811 to .75
October 19th .6934 to .7228
October 20th .6974 to .7170
Today....so far as of 727 UTC the range is .7079 to.7188.
RSI on the daily is 54 which is neutral to moderate bullish
7 Period EMA has crossed over the 25 period EMA on the daily which means the path of least resistance is tentatively to the upside.
On the 4 hr the volume seems flat and slightly decreasing and the two EMAS are approaching each other but running parallel and for the last 8 hours we've been closing above both.
I expect this very tight range to break sometime today, and given that BTC is still in a downtrend I give the bears the upper hand but willing to be surprised. Should we break bullish I expect an attempt to get back to the .77 range.
Should we break bearish we are looking at .6053 and the double bottom at .5805.
Volume has been increasing but the day is young and as we know, BTC's movement undeniably sets the trend for the majority of the crypto markets so ANYTHING could happen, including a bear break of the inside bars we are looking at so trade carefully, use stop losses and take profit on the way up.
Once again I am not an expert, I'm just a random dude on Trading View that's still learning so take what I say with a grain of salt and protect your capital.
Thanks for checking in.
-CryptoHound9
ICX is getting tighter on the daily and the 4hr timeframe and for the last 3 days has been trapped inside the wide ranging mother bar candle from October 18th. You can see the range tightening:
October 18th Mother Bar candle: .6811 to .75
October 19th .6934 to .7228
October 20th .6974 to .7170
Today....so far as of 727 UTC the range is .7079 to.7188.
RSI on the daily is 54 which is neutral to moderate bullish
7 Period EMA has crossed over the 25 period EMA on the daily which means the path of least resistance is tentatively to the upside.
On the 4 hr the volume seems flat and slightly decreasing and the two EMAS are approaching each other but running parallel and for the last 8 hours we've been closing above both.
I expect this very tight range to break sometime today, and given that BTC is still in a downtrend I give the bears the upper hand but willing to be surprised. Should we break bullish I expect an attempt to get back to the .77 range.
Should we break bearish we are looking at .6053 and the double bottom at .5805.
Volume has been increasing but the day is young and as we know, BTC's movement undeniably sets the trend for the majority of the crypto markets so ANYTHING could happen, including a bear break of the inside bars we are looking at so trade carefully, use stop losses and take profit on the way up.
Once again I am not an expert, I'm just a random dude on Trading View that's still learning so take what I say with a grain of salt and protect your capital.
Thanks for checking in.
-CryptoHound9