In my I highlighted the downtrend that ICX is currently in, and how there is no clear indication of reversal yet.
It actually even broke the lower white triangle support and is now trying to get back in.
It could be a coincidence, it could be faith. But because of breaking that triangle for a moment there, a nice fitting cup & handle pattern might well be in the making. We are seeing slow and steady enough price movement so far, to not be speaking about a V-pattern, but something that could become a U-pattern as is typical for the cup. Moreover, we see that volume has been on the decline towards where we are now. We can probably go a couple of days before we finish that bottom in ICX. And if this scenario would hold true (remember, it is just one scenario), we could be in for a nice price bump.
To fully fill up this picture, have a look at the "CVI" (Cumulative Volume Index), it is quite typical that this index does the opposite of price, when it is preceding a trend reversal. Here we see downward price movement, and upward "CVI". This could ultimately result in a bullish break-out. Moreover, as you can see, the white triangle resistance is not that far anymore to break out. And we know what happens if we break out there.
Moreover, if we look at the MACD, we see a golden cross that has been in the making for quite some time now, it came soooo slowly, but I think it might be there: look at the light bluish dot on the 12th or March (today). Seems like an upward curve, albeit very very gently ;-)
Also, RSI (Relative Strength Index) is in the heavily oversold area now,:
Conclusion: So... indicators are starting to point more and more in the direction of the bulls: bullish MACD, bullish RSI, divergence in "CVI" and price. And we might have a cup & handle on our plates, and we are close to the end of the triangle formation.
(Purple target line on the right upper corner is my current cup & handle target - a bit more than 500% upward potential)
Does this mean we are in the clear? No. We still do need the break-out confirmation and that goes hand in hand with a take-up in Volume, getting back in and then breaking the triangle and moving upwards on that steep upward second half of the cup! Many things could go wrong on that journey.
Risks: we can fall through to the downside, directly crushing our C&H figure. Luckily, we should be standing on the sidelines now - waiting for a confirmation of this - just a - scenario.
Best of luck.
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Heading back into the triangle
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Still going, decent volume.
Watch out for i) the doji candles, ii) shorter time frame graphs providing info about the next candles ;)
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Like this one on the hourly:
I can't update this continuously, so I hope you get the picture and know what to look for!
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Update: big (incredible) boost due to listing on Bithumb! ;-)
@alistaircanvin, So theoretically a $24 token? Icon certainly has all the credentials to become that price. That seems within realms of possibility. 10x profit from it's bottom price.
netrin
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Great analysis. I can't be sure about the cup & handle yet, but I do see that it's ripe for an uptick IF the volume increases... and sadly that is not what we've been seeing with other interests of mine, such as POE and ENG, which may be following a similar trend. Not sure how we're going to get good volume without BTC bullish. Everything is still following in BTC's footsteps...
A_Cryptastic_Mind
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@netrin, indeed - on the other hand, lower volume in a setting like this - is just necessary to be even allowed to speak about cups and handles - so let's just take that point to our advantage and in that case... we only need a little bit more patience before the bulls come out to play