Long

ICX in a descending wedge - looks like a possible break upwards

By crow1980

Updated

You can see the descending wedge in the chart which it has been respecting and within the next 24 hours or so it will make a decision on where it wants to go outside of the wedge. Generally these wedges see a break up. Volume is decreasing as it's consolidating as you can see from the light red arrow on the volume bars.

Initially from the jump it was forming a bull flag which looks to have changed into a wedge. The jump might not be as high as my target there - it may only reach halfway up since bitcoin is nearing resistance. I'm going to set a stop loss at entry if/when the breakout happens

Like the analysis if you found this useful.

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We just had the drop into the "buy zone" area that would initiate this idea.

Now we need 30 minutes to 2 hours of stable consolidation in this area with a big burst of volume. If it drops past the buy zone with any strong momentum - everything becomes invalid.

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Boom goes the dynamite - Bitcoin dropped below 7k taking this with it as a result

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It bounced back into the appropriate buy zone for the wedge/bull flag since BTC recovered back to 7k. If BTC can stay above the 7k mark this is still in play. Everything is risky when BTC is in a support area

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it absolutely fell out of the wedge, with BTC falling below 7k again overnight. While I wouldn't put much hope into it, there does appear to be an inverse head and shoulders that could form IF we make a move up from here

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here's a better look at it on the 4 hour chart

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This is what I'm envisioning happening if BTC can stay above 7k

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within the right shoulder there appears to be forming an ascending wedge, as well as a smaller inverse head and shoulders. This chart is screaming bullish with many indicators.

1.) bigger Inverse H&S from the low a few weeks ago (bullish)
2.) Bull flag from the jump which is now turning into an ascending triangle (bullish)
3.) Mini inverse head and shoulders inside the right shoulder (bullish)
4.) RSI on the 4 hour is making higher lows
5.) RSI on the daily is making higher lows

With the holiday it makes this risky because BTC has been rising well which will take money out of alts and into BTC. But then there is the fear of a dump on Monday/Tuesday as people return from the weekend and US Holiday. If bitcoin takes a dump, unfortunately so will alts (most of them anyway)
within the right shoulder there appears to be forming an ascending wedge, as well as a smaller inverse head and shoulders. This chart is screaming bullish with many indicators.

1.) bigger Inverse H&S from the low a few weeks ago (bullish)
2.) Bull flag from the jump which is now turning into an ascending triangle (bullish)
3.) Mini inverse head and shoulders inside the right shoulder (bullish)
4.) RSI on the 4 hour is making higher lows
5.) RSI on the daily is making higher lows

With the holiday it makes this risky because BTC has been rising well which will take money out of alts and into BTC. But then there is the fear of a dump on Monday/Tuesday as people return from the weekend and US Holiday. If bitcoin takes a dump, unfortunately so will alts (most of them anyway)

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crow1980

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