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.***
So, you're saying, that the price is either going to go up or down? 10/10
bastian3200
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@invekt, if u read it through, he says yes it will either go up or down but a touch on the pink line would confirm a move up which would be a good place to buy.
Cidoguy
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@invekt, u clearly didnt get him did u?
MagicPoopCannon
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@invekt, I’m saying that if you want to be a trader, like a big boy, then watch for the direction of the break, and trade it accordingly. I’m not going to sit here and project a breakout direction, when it isn’t clear. Like I said, the bias is to the upside. Cautious analysis is occasionally warranted. I should be thanked for it, instead of being mocked.
@invekt, he did much better; he showed us what will happen before it goes either up or down.
you should read it, it's pretty interesting.
SatoshiBonacci
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Do you have a fund or something where you trade with investor's money?
That's a pretty incredible analytics but some people just don't have time and discipline to trade.
singhdaking
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This was great!
Can we do VENchain next please? It’s been off the chain! ;)
boyunayim
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There occured a huge divergence on same chart
kosuo9909
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Thank you so much. I hope you will continue reviewing occasionally coins different from your usual picks.