Hey friends, hope you are well and welcome to update of ICON (ICX) coin.
Previously we have seen that the price action of ICX coin completed the Cypher pattern in the US Dollar market and at the same time it was completing the final leg of the harmonic Shark pattern in the Bitcoin market. And at that time I said that it is possible that the price action may become less bullish in the USD market and Bitcoin become more bullish in US Dollar market then the price action of ICX may complete the final leg of bullish Shark in the Bitcoin market. And now it happened and the bullish Shark move is completed and now this coin is entered in potential reversal zone and ready to take bullish divergence at any time.
Harmonic Cypher move in USD market:
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Harmonic Shark move in the Bitcoin market:
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In the meanwhile on the daily chart, the price action of ICON coin completed another Gartley move, that I posted on 10th Dec. Now finally as predicted the price action has taken bullish divergence from the PRZ level of this pattern and so far it has produced a more than 40% rally.
Gartley move before execution:
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Gartley move after more than 40% rally:
The priceline has broken out SMAs:
Now on the daily chart, the price action of ICX coin has broken out all simple moving averages with the time period of 25, 50, 100, and 200.
Breaking out the resistance:
The price action of ICX coin found resistance at $0.46, now it is breaking out this resistance level.
Breaking out the channel:
Since after 21st Nov, the priceline of ICON coin entered in a down channel on the daily chart. At this time the price action is making a strong attempt to break out the resistance of this channel.
Up-channel in Long-term:
On the long term weekly chart, it can be seen that the price action of ICX coin has formed an up-channel. Recently it has taken a bounce from the support of this channel and likely to move up.
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Conclusion:
In the short and mid-term, the priceline of ICX coin is trying to breakout the $0.46 price level resistance and the resistance of the channel as well. However, if the ICON will be rejected by these resistance levels then it can re-test the support of an up-channel on the weekly chart, which is at $0.35 and from there it can start another rally to the upside.
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