Good Monday morning, traders, and welcome back. Bitcoin had a quiet weekend ranging with price while nearing completion of its LPS (Last Point of Supply) in the form of a pennant. I believe this to be subwave 4 of the larger wave 1. As such, my expectation is that we will see price reach $8700/$8800 or $9200/$9500, with the latter being an extended subwave 5....
ICX/BTC pulled back like the whole market and it's currently trading at its 0.236 Fib level. Between ~32k and ~34k is a nice buy range. If it falls below that, we might expect a full retracement back to ~28k. ICON actually made a similar Wyckoff distribution pattern earlier this year.
Here's an idea I've been following for a while now on twitter (twitter.com). What if we're in Wykoffs distribution and markup is next? The distribution schematic I'm working from is this - d.stockcharts.com I'm looking forward to options and views on this. FYI. I'm SHORT from $9860.