ICX testing the sentiment of an apparent bottom. Trades active!
Updated
The Trade:
Wait for correction to around 1080 or below and buy in.
Stop loss around 1029 (think about buying back in if we hit this)
Target 1150.
Discussion:
Looking on the daily chart at mid range we can see that ICX is playing around with trying to define a bottom after a long period of losses.
We can see that there was an inital pump that attempted to bring about a reversal followed by a channeling upward over time.
Recent U shaped reversal pattern is taken as a sign that there is high potential that the upward trend will continue.
Looking at a smaller time frame we can see that the rallies that ICX experiences are generally steep with roughly 70 - 50% pullback while they channel upward. Secondly, we can see that we have experianced a recent "double" pump of sentiment over the last 20 or so candles, forming the U type chart pattern that can be indicative of continued motion within the larger yellow channel region. However, betting on the side of strong sentiment we consider potentials within the smaller yellow channel within.
Keep a strong attention towards the blue support line and the orange resistance line as potential bounce & targets. Clear out your position if we break the blue line downwards and await new signal of sentiment.
Wait for correction to around 1080 or below and buy in.
Stop loss around 1029 (think about buying back in if we hit this)
Target 1150.
Discussion:
Looking on the daily chart at mid range we can see that ICX is playing around with trying to define a bottom after a long period of losses.
We can see that there was an inital pump that attempted to bring about a reversal followed by a channeling upward over time.
Recent U shaped reversal pattern is taken as a sign that there is high potential that the upward trend will continue.
Looking at a smaller time frame we can see that the rallies that ICX experiences are generally steep with roughly 70 - 50% pullback while they channel upward. Secondly, we can see that we have experianced a recent "double" pump of sentiment over the last 20 or so candles, forming the U type chart pattern that can be indicative of continued motion within the larger yellow channel region. However, betting on the side of strong sentiment we consider potentials within the smaller yellow channel within.
Keep a strong attention towards the blue support line and the orange resistance line as potential bounce & targets. Clear out your position if we break the blue line downwards and await new signal of sentiment.
Note
Nearing the 1050 region... look for a bounce here... if not bounce consider watching.
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