$ICX #ICON - DOUBLE BOTTOM - rise high or fall deepHello Lads and Ladies,
for todays first TA we are looking into ICXBTC - one of the most traded coins on Binance.
Looking at the chart we see that we are coming to the very end of a long downtrend since February marked as the blue dotted line. This has been confirmed multiple times. ICXBTC tried to break the downtrend but failed to do so many times. Moreover, we have two more important lines of support when looking at the chart. The red horizontal line and the ascending blue line.
Recently we have seen ICXBTC taking off from the blue support line, failing to beak the resistance and then once again coming back to the blue support line, doing so it seems to have formed a double bottom, which is a bullish signal and might test the downtrend resistance once again. Here comes the interesting part. Breaking this downtrend would mean a pretty huge push for ICXBTC which then would find its first target at the 61.8% or even 50% trend line. ANYHOW, does it fail to break this very strong downtrend, we will very likely see the red horizontal support as the next stop for ICXBTC.
From there on, it will have to decide pretty quick what to do and preferably break the downtrend exactly where it crosses the ascending support. Should that not be the case we will continue the downtrend.
I personally, do not believe in that bearish scenario and see ICXBTC breaking the downtrend very soon. Nevertheless, the whole market has to at least hold on the same level that this happens, otherwise it will go down again and here you already know to which point.
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Cheers, Tomas
