A brief explanation of the bear and bull signs for ICX/BTC

535 3
ICX is currently still in a bear trend. There are only a few indicators we can analyze due to novelty of this asset and therefore the lack of data.

Bear signs:
- The red dotted support line has proved to be a strong support, dating from around Christmas (12/27). Yesterday it bounced from this support, which it is currently testing again. A breach of this support will most likely lead to further decline in price and a test of 0.0002493 level.

Bull signs:
- We can see the 50 EMA (orange line) has been showing strong resistance (orange circles) during this downtrend that has been flowing in the same channel since 06/02. It will need to successfully breach this 50 EMA as a first big sign that the bulls are back.

- Since the 50 EMA has been crossed before another breach will not confirm a bull trend for me, the top of the blue dotted downtrend channel shows even stronger resistance than the 50EMA and will need to be successfully broken for in order to confirm an ICX break-out.

- The volume has been picking up since yesterday, but this has not been high enough in my opinion. Another bounce from the trendline , with higher volumes, could indicate that the bulls are holding this the 0.0003012 support. High volume levels could potentially lead to a double bottom reversal for which we would be looking at the 50 EMA for further bull signs.

Date Volume MCAP
Mar 06, 2018 28.737.100 1.374.390.000
Mar 05, 2018 16.088.900 1.405.150.000
Mar 04, 2018 16.649.900 1.412.180.000
Mar 03, 2018 17.486.200 1.432.210.000
Mar 02, 2018 19.446.700 1.470.820.000
Mar 01, 2018 20.427.300 1.369.150.000

- As posted in my previous, less extensive, post some VERY important ICX roadmap dates are coming up. This month we will hopefully see the launch op the ICX main net. Further in Q2 we are expecting the mobile wallet, ICO's, decentralized exchange). These events will definitely lead to price action and trigger the bulls. For me these price levels seem fairly low for a project like ICX, therefore I have started accumulating ICX around the 0.003012 levels. I will be accumulating more if it breaches the trendline since I am very bullish on ICX in the long run.

Let me know if you agree down in the comment section!

Happy trading!

***NO investment advice.

评论: It breached the red support line. Use stop loss, next target 0.0002493 ($2,48)
Agree. Im hoping it will fall a little more. I will probably go fomo if it's not going under 2900 in 5 days time
friso.wallet IconFlames
@IconFlames, you probably should fomo if it is not going under 2900 in 5 days time;)
IconFlames friso.wallet
@friso.wallet, im all out in holding. Now i can relax and just check in twice a day
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