ssari

ICX (Y20.P3.E1).Macro.Nice trend

BINANCE:ICXUSDT   ICON / TetherUS
Hi All,

Observations:
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> ICON \ ICX shows a nice price action within a channel in a uptrend with higher highs and higher lows
> 1st rejection with the lead in trend line (resistance)
> The 10\20 and 50 ema have shown levels of support
> Bearish divergence has played out on the 12H as per this chart
> MR and MS are monthly resistance and support lines

Thoughts:
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> BTC dominance is dropping
> 12 Hourly chart indicator shows downward pressure still their based on the RSI , also there on the daily chart
> Looking for confluence of price reversal at these moving average levels or fib levels in the channel
> So with this context, we can use the 10, 21, or 50 ema and or the levels in the channel, to look for setups for entry (in the 6 H, 12 H time frame, as per chart)
> Triangle area is my area of interest to enter (0.28 to 0.31)

Close up view > Area of interest 0.28 to 0.31

6 HRLY chart > downward pressure still there with bearish divergence in play

12 HRLY chart > downward pressure still there with bearish divergence in play

1 Day and above chart > MACD has bullish tone


Holistic overview > observe how the trend line is playing resistance and the 1st rejection.
Comment:
Comment: That spike was short lived and I see more downward pressure on the 12 HRLY and below.
Comment: That level makes sense
Comment:
Comment: Reference: F.3-4.Chart
Comment:
Comment:

Comments

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