The price is getting pressed in to apex and showing real pressure. This pattern is known as The Descending Triangle which is indication of Bearish Price movement. At the moment it can break either way and it is critical to wait for proper breakout before opening a position on this trade. Breaking above from Downtrend Line and MA50 could indicate price going further up. Also RSI & CCI are supporting upward movement and the price is showing positive divergence. If the price doesn't manage to break Downtrend Line then another good buying opportunity might occur near Demand Zone.
This trade requires patience and there is no space for impulsiveness. What I mean with proper breakout is that oscillators are in favor of this break out and not against it. Also if you end up buying way too early you end up losing money or waiting a long time until the price reaching your buy target again.
Many of my followers requested a chart for ICON and here you go!
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM -5.53% 0.17% in here or in my twitter. I try to respond ASAP! :) Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER: Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr The Pirate Crypto Cat
Kommentar
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Update on ICX: 1h is showing Bullish Divergence which is supported by Histogram & RSI. Price slightly touched Demand Zone and is now showing signs of reversal.
Kommentar
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Just broke out of the Ascending Triangle and likely continue upward movement.
Worked perfectly out. Thanks. Do you think if it's going to touch demand zone again?
tontonkiller
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Hello and thank you so much for this analysis!!
I se you using 'Partial Profit Target' in many of your TAs. I was wondering what you meant by partial? Sell 50% of the stack? 20%?
Thanks again and have a great day!
Charlie
yarr
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@tontonkiller, Hello there and thank you for your feed back! Yes, well here's answer. I have set 'Partial Profit Targets' for each of my trade because this is area where you take a) your initial investment back or b) some of the profits that you are comfortable with. This is target to make you to lose more if the price decides to move further down. Cutting profits along the way is very important and if you do not take profits when market is in uptrend, in the end you might end up holding with negative and / or you might end up losing other investment possibilities or even buy cheaper.
If you google Risk Management in trades, you will find a lot of helpful articles about it and if you DM me I can link you few of them.
Summarized: The basic idea behind of this, is to get profits small amounts at a time or your initial investment and diversify / allocate them.