ICX witnessed a decent reaction off the 618 fib the last time it visited and is currently inching its way back down to this point.
I believe this point is very important to watch if you want to open a long trade on this crypto.
The price is trading below all the EMAs atm and I believe we will see a tightening & flattening of these EMAs around this area. After this , confirmation via price action is needed for entry. A bullish sign such as a spike below and rejection back above the 618 and hopefully a couple of the EMAs would be nice (via either a nice green pin OR a 2 bar reversal pattern).
Reasons to consider this a good place to look for confirmation via price action as outline above ( basically to confirm that this is not a false bottom) :
-618 fib
-Great support within previously formed structure
-Good previous off this point, signifying buyers
Please note that this is not trading advice & is purely educational
Trade at your own risk
I believe this point is very important to watch if you want to open a long trade on this crypto.
The price is trading below all the EMAs atm and I believe we will see a tightening & flattening of these EMAs around this area. After this , confirmation via price action is needed for entry. A bullish sign such as a spike below and rejection back above the 618 and hopefully a couple of the EMAs would be nice (via either a nice green pin OR a 2 bar reversal pattern).
Reasons to consider this a good place to look for confirmation via price action as outline above ( basically to confirm that this is not a false bottom) :
-618 fib
-Great support within previously formed structure
-Good previous off this point, signifying buyers
Please note that this is not trading advice & is purely educational
Trade at your own risk
Commentaire:
Still waiting for some kind of STRONG bullish reaction (confirmation) on this. Do not take trades unless you have confirmations