ICONLong
ICX - prepare for reversal - just a small trade
ICX is an interesting project but it’s difficult to consider a short term trading opportunity currently.
The bearish trend is so strong since the end of 2017 that it’s difficult to have a good chart overview without activating log scale option.
The weekly analysis doesn’t seem so complex. We are in a monthly descending wedge.
An important resistance zone can be indentified between 0.44/0.48$. Another one between 0.16/0.18$.
This week we failed to reverse the trend (up to now, the week isn’t finish yet), the price was stopped by the weekly 10 SMA.
You also have to consider the .oblique resistance on RSI; we are close to break it!
The ICX project now proposes staking rewards; close to 20%. It’s an important argument for investors (I’m in).
My trading plan:
- Swing Trading
- Target: 0.33
- I will open a trade after the closing of a weekly candlestick higher than the weekly 10 SMA (+/-0.135).
- Trade Risk/Reward ratio close to 10
- Money management < 2%
Last thing; I will consider carefully the BTC movements.
The bearish trend is so strong since the end of 2017 that it’s difficult to have a good chart overview without activating log scale option.
The weekly analysis doesn’t seem so complex. We are in a monthly descending wedge.
An important resistance zone can be indentified between 0.44/0.48$. Another one between 0.16/0.18$.
This week we failed to reverse the trend (up to now, the week isn’t finish yet), the price was stopped by the weekly 10 SMA.
You also have to consider the .oblique resistance on RSI; we are close to break it!
The ICX project now proposes staking rewards; close to 20%. It’s an important argument for investors (I’m in).
My trading plan:
- Swing Trading
- Target: 0.33
- I will open a trade after the closing of a weekly candlestick higher than the weekly 10 SMA (+/-0.135).
- Trade Risk/Reward ratio close to 10
- Money management < 2%
Last thing; I will consider carefully the BTC movements.
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