MannyLo

ICXUSD - But First, You Gotta Do the Truffle Shuffle

BINANCE:ICXUSD   ICON / Dollar (calculated by TradingView)
Hello all, lets take a look at South Korea's ICON Coin. ICX has been repeatedly beat down since it's January highs. We saw it develop its new downtrend channel on Feb 17 with a shooting star signaling the current reversal we're in and the new downtrend channel . We're have now reached the exact bottom we had in the first week of February which we were expecting to hit based on our charts.

So, the question that's on everyone's minds, "Where do we go from here?" Interesting to see that it looks like we just formed a bullish hammer at the bottom at our support level of $2.39, but with such low volume and MACD still on the negative, I'm not sold on any reversals just yet until we break out of the current downtrend channel we have on our charts. Note that we're still way below the moving averages as well.

If we do reverse at the moment (not likely, but possible) our targets to watch:
1. A break out of the downtrend channel marked in RED.
2. A break in the $2.97 Fib levels
3. A break in $3.47
4. A break in $3.88

The most important ones we want to watch would be for a break in the downtrend channel and the target at $3.88 with a good amount of volume to confirm the swings. For now, we keep watch. Hit us with a Thumbs Up button if you like our analysis.

Cheers!
评论: Possible reversal. Waiting on the confirmation to break out of the downtrend channel and a break in the $2.97 levels. Keeping Watch.
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