ICX possible Bullish pennant forming.

Updated

ICX is forming a possible bullish pennant on the hourly charts (1-4.) RSI is turning up and has plenty of room to run, and the MACD on the 4-hour is looking like it will cross over (bullish cross over.) The Stochastic indicator is also turning up. Target 1 is along the pennant near 1350. If it is rejected here, it will most likely retest the bottom part of the pennant near 1260-1270. If 1260-1270 cannot hold, there is a shallow support at 1150-1160, but the next real support is the long-term sideways trend line around 1090. If it breaks above 1350, the next target is the prior resistance at 1450-1460. I don't expect it to immediately move a lot higher than target 2 if it breaks up. I'd like it to move slightly above 1450ish, and then test that 1450 area as a new support. Do watch Bitcoin as well. If it starts to drop then we can expect the alts to follow. If BTC starts to rise, hopefully our pattern along with Bitcoin's upward movement will give us some nice gains.

-Not professional financial advice. Always do your own research before purchasing. I am not liable for any loses incurred.

Note

ICX is still within our bullish pennant. There appears to be a symmetrical triangle forming within our pennant as well (Symmetrical triangles often move with the trend, and in this case, that would be upward.) Target's remain unchanged at 1350 for target 1 and 1450ish for target 2. Now, if Bitcoin breaks up, I wouldn't be surprised if ICX followed it's movement up to around 1700-1800 sats (35-50% jump from current price.) If Bitcoin breaks down, I expect ICX to follow. Make sure you have your stop losses in place. I have one set to sell out to tether (USDT) around 88-89 cents (little bit below the current trend in case ICX goes stop loss hunting before moving up.)

Note

Sadly, BTC dictated the pace and tanked this morning with a $400-500 drop. Pattern has been invalidated. It appears our shallow support near 1150 held though. I am not going to reenter until I get a better idea of where BTC is heading.

Deftsuo

FTX US: ftx.us/

Sign up for Binance US here: binance.us/?ref=35000668

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.