ICX/BTC is forming bearish divergence patterns on the 4-hour RSI and CMF. MACD also got a bearish cross-over on the 4-hour. We can also see a clear swing-high failure on the RSI, as shown by the green line on the RSI indicator. Also, we have overhead resistance from the 0.5 fib line that we haven't been able to break through with conviction yet. I suspect we will see it drop to at least .618 around 1030, and if that fails to hold, we will retest the .786 around 915. I won't rule out a possible retest of the .5 fib again before a move down, but in general, it appears the momentum is shifting back to the sellers. Do keep an eye on Bitcoin as well, since it has major influence over alt-coin movements.
Entries to look for on retrace:
.618 fib level around 1030
.786 fib level around 915.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Entries to look for on retrace:
.618 fib level around 1030
.786 fib level around 915.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
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FTX US: ftx.us/
Sign up for Binance US here: binance.us/?ref=35000668
Sign up for Binance US here: binance.us/?ref=35000668
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.