I-CONtrol ICON... See What I Did There? (ICX) =D

Hi friends! Welcome to this highly requested analysis on ICON! Let's jump right in. Looking at the four hour chart, for ICX/BTC, we can see that there is upside support at the pink trendline, that ICX/BTC has recently respected. ICX/BTC has bounced twice off of this level, within the past 12 days. Furthermore, ICON appears to be curving to the upside, in an apparent attempt to form a bottom along this rising support. Looking at the moving averages, you can see that ICX/BTC has just popped above the 20 EMA (in blue) and the 50 EMA (in orange.) However, it is running into a zone of overhead resistance. If you look closely, you can see that it actually formed a doji candle at the resistance zone, and then reversed back toward the 50 EMA. It's pretty clear that ICX/BTC could remain trapped in this compression area, between the red resistance zone and the rising pink trendline, until ultimately breaking in one direction or the other. You can see that the MACD has broken above the zero line, which is a positive sign. However, the safe way to play this, is to just sit back and watch it. If it breaks below the pink rising support level, that would indicate further downside, most likely down to the 61.8% retrace. If it breaks above the top of the red resistance zone, that would indicate further upside, most likely up to the 23.6% retrace. People must understand, that proper technical analysis occasionally requires assessing a chart, and watching for an optimal entry or exit point. That's a concept that a lot of the noobs don't seem to understand. Anyway, there you have it. This one is pretty clear folks. My name's Magic, and I'm outta here.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-