Cryptocurrencies

ICX technical analysis

ICX seen from the temporality of 1W we can see how the previous candle has recovered the zone of demand in 1W, the current candle is doing the test of this support located at 0.3236, I have enclosed within a blue circle this area where you can make a reading of the price and determine the course that could follow the price.

ICX seen from the temporality of 1D we can observe more closely the movement that has followed the price in the most recent candles, after the price recovered the support we can see how they have formed two doji candles, signal accumulation, however, what I consider more important to take into account in this structure are the three minimums that have formed previously on the support located at 0.2925, if the price in 1D closes below the weekly demand support located at 0.3236 the odds of the price breaking support in the fourth touch, if this happens we should see the price fall to the zone of demand that I have pointed out in the chart above within a blue rectangle located within the price range of 0.2173 – 0.2308, at that level the price could find a recovery.

ICX seen from the temporality of 4H we can confirm a bearish movement if the candle closes below the horizontal marked in the image above in blue located at 0.3313.

In conclusion, ICX currently looks bearish from my point of view, the support of 0.32 has been weakening with every touch, a new approach and the break will occur, what I recommend is to wait for a better entry into the price range of 0.2173 – 0.2308, above all I recommend to pay attention to the closing of the candle in 4H and take into account the movement of BTC.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Related posts

Bitcoin Bounces After Closing CME Gap! Was That the Bottom?

Workin

Is Bitcoin Still in a Bear Market? Analysis and Answering Questions

Workin

Bitcoin at New Local Lows! Where to Now?

Workin
No comments yet