Long

Icon ICX leaving its downtrend? (hourly log chart)

Updated

WHY mention ICX now? --> Exiting the 2 weeks of downwards channel ... might mean a new upwards trend.

* LIGHTBLUE broken out of down channel top

Alternatively it could first go sideways for a while, e.g. between 3700 and 4000 (zoom in on 15 minutes chart).

Or (which I don't believe but it's possible) breaking out of the channel FAILS ... then it could fall, but probably not further down than approx 3400:

* PURPLE trend line was the FIRST (i.e. last unbroken) one, of 6 accelerating trends, during its parabolic rise, early February 2020
* BLUE horizontal at 2750 was an August 2019 peak.

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Looks like the slightly downtrending PINK channel gets invalidated as we speak:

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Now the slightly uptrending BLUE channel got invalidated. Whew this WANTS to rise.

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It doesn't even want to stay within the steep YELLOW channel

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even steeper. Icon ICX you are too fast

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I have never before used FibRetracements. Have I done this right ???

The 61.8% level 5248 coincides with a support 5210 from one year ago; and at 5225 it got reflected during the bull trap on Feb 5th at 13:00 UTC.

Or how do I apply Fibonacci Retracements correctly?

So above ~5200 Satoshi, take profits, I guess?
Or 4999 might be a good moment to exit (see the resistance on Feb 6th, and it's a whole number) ?

Any opinions?

Note

ICXBTC just crossed over its Wednesday peak (afterwards Binance was offline, and then BTCUSD dumped). It looks like the pump might continue:

Note

ICXUSD, the USD pair of Icon, might be crossing out of the top of its 17 days downwards channel (BLUE) right now:

akd

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