and currently it was making "ascending triangle" pattern, which is classic . (Pink dot line)
The pattern shows us that there is some kind of price wall, so the price cannot pass above that line. in our case, 8500 satoshi will be the "price wall".
So.. is it bullish? Until yesterday, Yes. There are two factors supporting this opinion.
1.Low(bottom) is continuously ascending, which means that you cannot buy that price anymore(for now)
2. is one of .
What happened today?
The price go above to the "wall"(8500 satoshi) and tried to go further, but it didn't and came back to the price below the "wall".
should we buy now then? Absolutely NOT.
1.First of all, We can see the pattern if we just consider the triangle made of pink dot line. YES. It is , if the "price wall" is guarded well.
But in this case, the "price wall" was broken today, which means that it is not pattern.
Then what is that? I think it is ascending pattern.
Isn't it weird that I just called this pattern as "ascending triangle" then I changed the word to "ascending wedge"?
You should know that we can be sure about the pattern when there is breakout(increasing , insane price change) It didn't complete its pattern, so I just assumed that it is pattern, but I was not considering today's movement.
In short, it is ascending pattern which failed to go over the price(8500 satoshi) and may have possibility to become .
2.And there is divergence. Divergence is the phenomenon that the price movement and indicator movement are different.
we have higher high in price(today vs.January 9)
But we have lower high in indicators(today vs. January 9)
In this case, this phenomenon means that current price is unstable, so there is potential of trend change( to )
Overall, There are 2 potentially factor, and I wouldn't dare to buy that.
I agree that pattern is still debatable because ascending wedge and ascending triangle are bearish / bullish pattern, considering the good news.
There is something we should know : the buying point, where the classical chart pattern strongly recommend to buy, is where the breakout happens, not inside the triangle. There is reason why they're recommending breakout point, It is safe to do that, not buying in the consolidation.
Suppose it is ascending triangle : we should buy above 8500 satoshi when the time has come.
But for now, the price has not passed breakout point(broke out 8500 satoshi yesterday but came back) and there is potential to be bearish, In this case I wouldn't consider buying this.
If you think I'm wrong, it's fine and even I don't trust my opinion 100%. If so, I can recommend you to buy above 8500 satoshi(the wall I said) but still I don't recommend you to buy now, in consolidation phase.
So if you hold ICX yet, don't panic. In that situation, every bearish comment(including my trading idea) looks so true, but you should know that next movement is not decided yet.
The price went down enough(I'm not saying downtrend is over) and RSI or other signal is showing potential of reverse action. The price may try to touch previous support line, to test this downtrend.
There is about 15~20% price loss after I published this idea.
I didn't set exact target but I saw the price broke the support line, and went down to the support zone, I'm fine with that.
I expect more downtrend since 1 month old support line just broken,
and only few days passed after that.
This is my first idea published.
Thank you for supporting / following me for this article,
and thank you all commented here.
The ascending triangle is still valid even though we had a failed breakout. I would not call this failed until we fall below the lower pink line or the two pink lines cross.
If this were an ascending wedge I would like to see at least one more confirmation on the red line. MACD can still go higher, in the next 24 hours we should break .001 satoshis BTC allowing.
Many people are holding for the Koreans to start trading this coin which will be a major volume spike where we could see a huge inflow of capital.
About the Korean trading, is there any reason for that? I'm Korean and kind of interested for that news.
2 reasons to expect ICX listing on korean exchanges,
1) The Loop is the company which has created ICON. The Loop is owned by Dayli Financial. Coinone is also owned by Dayli Financial, I think we will see a listing sometime after the summit. Sometime in early Feb. This one is pretty speculative as there have been no official statements - but it also is pretty logical.
2) OkCoin is starting an exchange in Korea and they will launch in early feb. They will have 60 pairs, with a handful against KRW. There has been a leaked document with all the coin listings and ICX is on there, some names are in korean but ICX was listed - whether the document is real or not, who knows? Either way I say there there is a good chance that ICX will be listed. Based on volume, market cap, and the fact that ICX is Korean.
ICX has many korean partnerships, it only makes sense for it to be listed in SK
Buy the rumor, sell the news. My target for the exchange listing is .00133 depending on the timing. My target for summit is .001+ Either way I am long on ICX. Also if you look back to Jan 4th &5th we had a failed breakout from a ascending triangle. Because of BTC fud we retested the trending support then broke out with huge strength.
Korean market was in cryptocurrency madness last december and early January. It was so insane that BTC price discrepancy was almost 50% between global price and Korean price.
But since then, many Korean friends I know, they are exiting cryptocurrency trading.
Because, Korean government want ban whole cryptocurrency market, and they want to huge tax system for traders warning cryptocurrency madness,
and the newbies made big loss with cryptocurrency trading because of BTC downtrend recently.
So I'm skeptical about that news. Is it will be really another madness rally like Qtum or XRP recently?
Sorry for negative point of view for all of these. But I'm still with the opinion above.
Their official movement is try to ban, and want to downsize Korean cryptocurrency market, because many Koreans lost their money for recent BTC crash and some other bad issue.(such as Korean exchange Youbit hacked twice in a year) But also there are many people opposite that opinion, so we're not sure about next movement of gov. It's becoming political issue and you know politics is complex and dirty.