ICON Retrace Might Be Over | Potential Targets Mapped (50%)

18. Feb. 2020

I was looking for something that looks like it can move quickly... ICXBTC (ICON) is just coming out of falling wedge after a fake breakdown of support... In this type of setup, it is easy to see a bullish move follow.

• Prices retraced to the 0.618 Fib. support of the last bullish wave.
  
  
• The volume on the drop was always low, signaling that the bears are nowhere to be found and this is a standard/classic retrace.
  
  
• Prices are now moving back above EMA10 and EMA100 while the RSI and MACD are going bullish.
  

These signals are telling us that ICXBTC is getting done with its retrace and is likely to move higher.

Conditions for change
The markets are always changing... Prices are always moving down and up... Right now we have bullish signals but tomorrow it can all go wrong.
So, if prices close below 0.00003250 on the daily time frame, the above signals become invalid and there can be additional drop.

If prices remain above this level (the last low), we remain bullish and expect a bounce to take place and hit the last peak or just below it.

Thanks a lot for reading.

This is Alan Masters.

Namaste.