- Prices retraced to the 0.618 Fib. support of the last wave.
- The on the drop was always low, signaling that the bears are nowhere to be found and this is a standard/classic retrace.
- Prices are now moving back above EMA10 and EMA100 while the and are going .
These signals are telling us that ICXBTC is getting done with its retrace and is likely to move higher.
Conditions for change
The markets are always changing... Prices are always moving down and up... Right now we have signals but tomorrow it can all go wrong.
So, if prices close below 0.00003250 on the daily time frame, the above signals become invalid and there can be additional drop.
If prices remain above this level (the last low), we remain and expect a bounce to take place and hit the last peak or just below it.
Thanks a lot for reading.
This is Alan Masters.