Icon - ICX (20%-50% gain potential) Cup & Handle Formation
We are seeing a cup and handle formation here on
ICXBTC
, though it's very choppy until we hit the hourly chart. It's still enticing, and it has held up since I first noticed it forming. The resistance at 4710 is a very good decision point. If we can reach that resistance, a test will give us the answer, if we can expect more than a 25%+ gain, or if we should take a 10% profit and exit.
Once we reach that resistance level, I'll enter a stop loss about 1-2 percent below it at 4600 so we can lock in profits and exit if we are rejected. That would create a double top and the rejection would invalidate this analysis. An extended fifth wave (on the sub wave) would blow through that stop and open us up to 5200 to 5500 sats in relatively short order. This would play out over 48-72 hours, so we should have time to watch it closely and adjust as needed.
At the macro level, the sub wave makes up primary wave 3. If we break through the resistance, we'd see wave 4 retrace to the resistance, now a support. A successful support here would open us up to another entry, and we could see another 20% or more on the wave 5 run. The entire larger wave sequence would play our over 4-5 days.
(I had a MUCH better analysis written here, but Trading View like to delete my hard work ALL THE TIME! Charts that take 3 hours are deleted as if they never occurred. So this is not nearly as detailed. My apologies)
ICXBTC
, though it's very choppy until we hit the hourly chart. It's still enticing, and it has held up since I first noticed it forming. The resistance at 4710 is a very good decision point. If we can reach that resistance, a test will give us the answer, if we can expect more than a 25%+ gain, or if we should take a 10% profit and exit. Once we reach that resistance level, I'll enter a stop loss about 1-2 percent below it at 4600 so we can lock in profits and exit if we are rejected. That would create a double top and the rejection would invalidate this analysis. An extended fifth wave (on the sub wave) would blow through that stop and open us up to 5200 to 5500 sats in relatively short order. This would play out over 48-72 hours, so we should have time to watch it closely and adjust as needed.
At the macro level, the sub wave makes up primary wave 3. If we break through the resistance, we'd see wave 4 retrace to the resistance, now a support. A successful support here would open us up to another entry, and we could see another 20% or more on the wave 5 run. The entire larger wave sequence would play our over 4-5 days.
(I had a MUCH better analysis written here, but Trading View like to delete my hard work ALL THE TIME! Charts that take 3 hours are deleted as if they never occurred. So this is not nearly as detailed. My apologies)