xcommas

ICON (ICX) - A Long Opportunity after a Trendline Retest

Long
BINANCE:ICXUSDT   ICON / TetherUS
Since the beginning of 2021 ICON (ICX) has been in an uptrend (marked on the chart). The altcoin’s growth is also mirrored by its RSI indicator, which to-date has approached the level of 50. Given the location of its Fibonacci lines and based on the last growth impulse, we can anticipate a decline of ICX to the trendline followed by the continuation of growth in the near future.

In this situation, it is best to focus on the trendline. A fall of the asset price below the trendline will signify a pullback for ICX. Orders to buy the asset should be placed in close proximity to the trendline with a Stop Loss as a safety just below it.

Use the GRID Bot by 3Commas to place ICX long orders closer to the uptrend line and marked buy zones. To do so, simply follow the steps below:

  • Head over to the GRID Bot by choosing it from the main menu in your 3Commas account;
  • Select the USDT Market and the ICX/USDT pair;
  • In the GRID Bot tab, go to the Manual strategy settings;
  • Set the upper limit price to $1.50 and the lower limit price to $0.75;
  • Number of grid lines: 10;
  • Set the quantity per grid parameter according to the amount you wish to spend on each trade;
  • Click the Create button.






Comments

Nice one, but looks like the ascending trendline support has been broken
Reply
cryptuary Chibuike_Odoh
@Chibuike_Odoh, back above, sometimes can just about touch below with more seller pressure
Reply
Chibuike_Odoh cryptuary
@cryptuary, yeah
Reply
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