Ixcbtc
If ICX Breaks Back Above Support...All Hell Breaks LooseWelcome to alt season guys! It's been a pleasure charting throughout this bear market. You'll see why I speculated that this could happen very soon in my recent posts. Anyway, let's get right to a quick and dirty ICX analysis. If this thing can get back above the 530-550 area, there's not much resistance until 736. Based on the market's momentum, I think ICX can also surpass its recent high. Additionally, ICX is just a few cents from breaking its April high on the USD chart:
If $0.45 breaks, the previously broken ascending trendline is next (around $0.55). And if THAT breaks, it would trigger a potential inverse head and shoulders that could send it all the way up towards $1.30. I guess we'll see how bullish the market really is. On the downside, if ICX can't get back above its broken support, and if Bitcoin dumps...sending it to new lows...that would be a bad sign, obviously. For now, things are looking very good.
Previously, I forcasted the ICX rise from the 700 area towards 1000. However, it got rejected heavily there and even headed to a new low. If ICX can sustain a pump here, this was likely the enormous bear trap for altcoins that I've been talking about for a while.
This is not financial advice.
-Victor Cobra
