ICX Ascending triangle
ICX is showing strong bullish signs, outlined below.
First, it is showing a pretty clear ascending triangle and is bouncing off support quite nicely. An ascending triangle is generally one of the more reliable patterns, espcially when combined with confirming signals. Confirming this move we see it has bounced off its 0.618 retracement twice on each move up, indicating growing bullishness and further bull confirmation. Finally using elliot wave theory we see that the chart has a third wave remaining.
Add to this that ICX is an incredibly solid project (I won't go into the details here, but I encourage you to research ICX and its team), which means buyers have a tendancy to hold instead of perform quick flips, and you have a position that you can buy without sweating over, even if it trends sideways a bit.
Entry: Now, at support.
First price target: 8500 (85K satoshi) (19.3%)
second price target: 1000 (100K satoshi) (40.4%)
stop loss: 6640 (66.39K satoshi) (6.8%)
First, it is showing a pretty clear ascending triangle and is bouncing off support quite nicely. An ascending triangle is generally one of the more reliable patterns, espcially when combined with confirming signals. Confirming this move we see it has bounced off its 0.618 retracement twice on each move up, indicating growing bullishness and further bull confirmation. Finally using elliot wave theory we see that the chart has a third wave remaining.
Add to this that ICX is an incredibly solid project (I won't go into the details here, but I encourage you to research ICX and its team), which means buyers have a tendancy to hold instead of perform quick flips, and you have a position that you can buy without sweating over, even if it trends sideways a bit.
Entry: Now, at support.
First price target: 8500 (85K satoshi) (19.3%)
second price target: 1000 (100K satoshi) (40.4%)
stop loss: 6640 (66.39K satoshi) (6.8%)
Trade active
Entered trade at 7100.Note
We had a bit of a dip last night due to Asia FUD over an exchange hack. Obviously this affected ICON, but the fact that it barely dipped is a positive sign in my book.My personal policy with stops is that the candle must complete for the stop to be executed. Furthermore if the candle is weak, a confirming candle must be present. As such no stop was triggered here.
If I were to guess, I'd say some stop-loss hunting occurred last night, as the dip was sudden and aggressive and the rejection was equally sudden and aggressive. Looking at a 5m chart you can see we have a descending wedge, another bullish sign, even despite the stop loss hunters.
TL/DR: Position is still long, no reason to worry.
Note
These things never move perfectly, do they? It looks like my original rising trendline was placed a bit too high, but no big deal.If you look at the 15 minute chart you can see we're starting to form an inverted H&S, of sorts. I am still confident in my long position going into next week.
Trade active
And we finally have our first bullish move. Even in crypto, it pays to be patient. These huge bull moves often happen quickly and without warning.ICX will very likely continue its bull run tonight as Asian markets begin buying up shares in preparation for their January 31st event. Also keep in mind people tend to sell the news, so this may be a trade you want to consider exiting by this time.
Trade active
Target 1 reached. Stop loss is now 8400 (84K satoshi)Trade active
Sold at 8800. These things typically break above resistance, then drop back down to it, then pump again. I will re-enter long safely when there is a second pump or when it collapses back down to the ascending trendline.Trade active
Watch for a double-bottom here. If we get one, that's your re-entry signal:
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