After the break out of the falling wedge (unfortunately under the uptrend line) there has been a beautiful outbreak of no less than 60%. At lower timeframes the price has even risen above the trend line again, but unfortunately the HTF is not able to make a candle close above it. On the 3d chart you can clearly see that the trend line, which also has confluence with the weekly S/R level, has been rejected.
We're going to zoom in a bit further to see what a nice entry could be. The indicators on this chart tell me that the underlying support level 0.3659 should be pretty strong. Here is confluence with the ema's 50, 100 and 200.
The rsi is able to hold its own above the midline and above the ema. At this moment the rsi seems to be testing the ema, a point to keep an eye on. The lbr stands just a bit better than the rsi and on the macd there has recently been a bullish crossover below the middle line.
On its own the course is now at a nice point for a reversal. The last wave up measured with the Fibonacci shows us that we are currently in the golden pocket and testing the previous highs. Here is also confluence with the ema's 55, 100 and 200. The ema's are in the direction of the bears but that may change. We see that the ema55 is about to cross the ema100 bullish.
Unfortunately the rsi is below the ema but still manages to keep it above the middle line and we see the same on the lbr. The macd shows some bullish momentum and hasn't made the bearish crossover yet. If it is going to be made there as well then it is almost as sure as that ICX is going to drop a bit further. And I mean a drop below 0.3659.
You would think at first glance when you see this chart that it is quite bearish. But to be honest, I don't think it looks that bearish at all. Yes okay it is a drop of almost 30% from the high counted but that is quite normal in a bull market or after a hefty rise.
It is now important that a higher low is put down and that the price can continue its way up. At least that is the best of course.
Conclusion:
As long as we can close on high timeframes above 0.3659 I am bullish and the next resistance on 0.4511 will be visited again. If we close below 0.3580, ICX may well go down towards 0.2940. At this moment I won't do much with it but I am waiting for clear confirmations.
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