ICONOMI Late Breaking Update Price Analysis
To get a really good idea of what's going on with ICON, we're going to have to go back to the 1H chart:
We can see clearly what happened to the price action once IICX broke through the south side of the uptrend line that was holding the price up previously.
Soon as the price broke south of the uptrend for the flat top triangle (which we thought was forming), the price just fell off of a cliff from that point.
As much as -33% in just a little over a week (ridiculous).
Since then, the price has increased by as much as 18% before consolidating those gains to 10%.
No apparent patterns on the regular chart.
RSI is shitting the bed on the H1
Let’s see what’s going on for the H4
Neither the volatility RSI (third panel), nor the Filter RSI (green and red line; second panel) is super bullish.
Yes, there was a surge in the RSI, but we explained last week that a relatively short burst of price movement can cause a spike in the RSI.
Let’s Move Up to the Daily:
Absolutely no positive divergence to be seen. Honestly, what’s on the chart currently is more akin to a bear flag than the beginning of substantive price movement.
Conclusion
It can’t be ruled out, but there’s just nothing in the chart that’s making it appear to a no-brainer to place a long position on it at this current point in time.
We can see clearly what happened to the price action once IICX broke through the south side of the uptrend line that was holding the price up previously.
Soon as the price broke south of the uptrend for the flat top triangle (which we thought was forming), the price just fell off of a cliff from that point.
As much as -33% in just a little over a week (ridiculous).
Since then, the price has increased by as much as 18% before consolidating those gains to 10%.
No apparent patterns on the regular chart.
RSI is shitting the bed on the H1
Let’s see what’s going on for the H4
Neither the volatility RSI (third panel), nor the Filter RSI (green and red line; second panel) is super bullish.
Yes, there was a surge in the RSI, but we explained last week that a relatively short burst of price movement can cause a spike in the RSI.
Let’s Move Up to the Daily:
Absolutely no positive divergence to be seen. Honestly, what’s on the chart currently is more akin to a bear flag than the beginning of substantive price movement.
Conclusion
It can’t be ruled out, but there’s just nothing in the chart that’s making it appear to a no-brainer to place a long position on it at this current point in time.
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