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ICON / TetherUS

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ICXUSDT trade ideas

ICXUSDT (ICON) - BULLISH SETUP ANALYSIS 🔎 - ICXUSDT brokeout above the pennant pattern's inclined resistance as expected from my previous analysis. - The market hit a swing high and retraced. - Price is retesting the pennant pattern's inclined resistance, horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786). - There's a relatively high concentration of buyers at this zone. - The retracement was resisted by the descending trendline resistance (DTR). - Price brokeout above the descending trendline resistance. - This is a bullish signal. - There's a potential formation of the bullish inverse head and shoulders (IH&S) pattern. BUY ENTRY ⬆️ - Aggressive entry : current market price (CMP). - Conservative entry : If the inverse head and shoulders pattern is formed, a breakout above the inverse head and shoulders neckline resistance (NR) could be a bullish signal (entry). TARGETS 🎯 - Horizontal resistance level (R1). - Fibonacci extension levels. SETUP INVALIDATION ❌ - Initial invalidation : breakdown below the head's horizontal support level (S1). - Final invalidation : breakdown below the 0.786 fibonacci retracement level.
Long
by Chibuike_Odoh