ICON - HEADING TOWARDS DEATH! WHEN WILL THE MASSACRE END? ICX has been in the continuous long term downtrend since April end and the price has depreciated by 78%.
It has been moving inside the falling wedge with a good slant slope which means a great selling pressure.
The price has been continuously getting rejected from the basis line of the Bollinger bands.(See the circles marked with Pink colour)
Now the price is at the lower boundary of the wedge from where it should try to move towards the basis line
of the Bollinger bands or atleast till the upper boundary of the wedge.
The last zone of support has been marked. If it falls below it, then i'll consider this coin as dead.
Alternatively, there is a lot of upside potential left to be explored.
A zoomed out view:
This can be a good trade if the positions are opened after some signs of reversal and not to early. There
is a lot less downside left for stop loss with a huge amount of upside potential. Tight stops can be used
for this trade.
I'll keep updating this, as and when required.
P.S: This is not an investment advice. This is my personal journal. Invest your capital at your own risk.
Keep an eye out. Trade safely. Always remember, money not lost is also a profit.
Good luck trading.!
Peace.
