INTERPRETATION
ICXBTC
has begun to show recovery after a fairly lengthy and significant correction for its commencement into the new year. A correction was anticipated after its flourishing growth upon its inception late last year (see related ideas). However, the impact and duration of correction could not be determined. Example of possible variables that caused such a significant fall includes overall decline in cryptocurrency market and lack of innovative updates to project compared to other alt coins. After trading sideways all of January and decline from February until end of March, signs of discernible growth has manifested.
BUY SIGNALS
- Price-Cloud Bull Entry & Breakout (first significant sustained breakout since January)
- significant Buy Volume
- upcoming Green Cloud (buying pressure forthcoming)
- Bearish Descending Triangle possible completion
CAUTIONS & CONFIRMATIONS
- T&K bull/bear cross & Price-T&K bull/bear cross to be determined (ambiguous state from initial breakout after extended correction can result in price unable to maintain its upward momentum)
- Fib 0.618 Resistance testing (initial obstacle to determine direction of momentum)
- Price-Cloud confirmation (second obstacle if Fib 0.618 unsuccessfully challenged)
- Elliott Wave cycle to be determined (unconventional nature of chart makes determining wave patterns less reliable)
POSITION
A position may be appropriate due to significant buy signals after a long period of decline. However, this also means the growth is in an unstable state and the option to wait is also sensible until persistent development has been confirmed. Riskier investors and/or those who fully believe in the faith of the project can enter a position now to maximize profits.
ICXBTC
has begun to show recovery after a fairly lengthy and significant correction for its commencement into the new year. A correction was anticipated after its flourishing growth upon its inception late last year (see related ideas). However, the impact and duration of correction could not be determined. Example of possible variables that caused such a significant fall includes overall decline in cryptocurrency market and lack of innovative updates to project compared to other alt coins. After trading sideways all of January and decline from February until end of March, signs of discernible growth has manifested. BUY SIGNALS
- Price-Cloud Bull Entry & Breakout (first significant sustained breakout since January)
- significant Buy Volume
- upcoming Green Cloud (buying pressure forthcoming)
- Bearish Descending Triangle possible completion
CAUTIONS & CONFIRMATIONS
- T&K bull/bear cross & Price-T&K bull/bear cross to be determined (ambiguous state from initial breakout after extended correction can result in price unable to maintain its upward momentum)
- Fib 0.618 Resistance testing (initial obstacle to determine direction of momentum)
- Price-Cloud confirmation (second obstacle if Fib 0.618 unsuccessfully challenged)
- Elliott Wave cycle to be determined (unconventional nature of chart makes determining wave patterns less reliable)
POSITION
A position may be appropriate due to significant buy signals after a long period of decline. However, this also means the growth is in an unstable state and the option to wait is also sensible until persistent development has been confirmed. Riskier investors and/or those who fully believe in the faith of the project can enter a position now to maximize profits.
