During December/January, ICX has grown "exponentially". During that phase, an ascending wedge has been formed (in grey) on the daily chart, which is generally a bearish pattern.
The bearish pattern was confirmed on 30/01 by a large breakout on the downside... followed by 6 weeks of price correction.
Now, what does it tell us for what's coming next!?
During the last 4 weeks, a descending wedge has been formed... (symmetrical pattern) which is a bullish sign. In addition, there was 3 attempts of breakout in the recent weeks, but they all failed and price went back straight into the wedge.
Now what has changed today.... we have reached the lowest support, done a consequent retracement and we also have RSI (1day) which has touched 30.
In case of breakout in the upside, a fair objective of 0.0006 is expected (Reasons being it is the beginning of the descending wedge).. which is a 2X potential in the coming 2 weeks (approx)
The bearish pattern was confirmed on 30/01 by a large breakout on the downside... followed by 6 weeks of price correction.
Now, what does it tell us for what's coming next!?
During the last 4 weeks, a descending wedge has been formed... (symmetrical pattern) which is a bullish sign. In addition, there was 3 attempts of breakout in the recent weeks, but they all failed and price went back straight into the wedge.
Now what has changed today.... we have reached the lowest support, done a consequent retracement and we also have RSI (1day) which has touched 30.
In case of breakout in the upside, a fair objective of 0.0006 is expected (Reasons being it is the beginning of the descending wedge).. which is a 2X potential in the coming 2 weeks (approx)
註釋
Breakout occured on March 13, volume is picking up. Things look pretty good.Now going up toward 0.0006, hoping for BTC not to collapse in the coming days
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