EW Analysis: ICON Ready To Fly?!
Gregor Horvat | Apr 11, 2019 07:59PM ET
Hello traders!
Today we will talk about cryptocurrency called ICON.
Cryptocurrencies are back in the game. We have seen some nice gains last week in the Crypto market and the next one that can be showing a clear bullish pattern is ICON(ICX/BTC).
ICX/BTC made a potential bottom at the beginning of February at 0.0000520 level and since then, we can see a clear five-wave rebound, which in EW theory suggests a bigger bullish reversal at least in three waves (A)/(1)- (B)/(2)- (C)/(3). After every five waves, a three-wave pullback follows and as you can see, ICX/BTC made a clear three-wave A-B-C corrective drop nicely connected within corrective channel range.
The most important is that ICON is right now sitting at ideal 61,8% Fibonacci retracement, previous wave 4 and 0.000070 psychological support level for a wave (B)/(2)! So, it's a high probability that we could see a bounce here back to highs for wave (C) or maybe even wave (3). But only an impulsive rise back above 0.000091 region would confirm our wave count!
However, in case if the price stays sideways and more complex, we remain bullish only as long as it's above 0.000052 invalidation area!
ICXBTC, DAILY
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.