Hi dear friends, hope you are well and welcome to the new update on Icon (ICX) coin. This is one of my favorite coins that gives a lot of trading opportunities on the different time frame charts. This time it is again going to give us a wonderful buy the dip opportunity.
The broadening formation:
The price action of the Icon coin is moving in a broadening formation that is moving towards the downside and within this pattern, the price action is moving to the downside to test the support again.
Breaking down the triangle:
On the daily time frame chart, the price action of ICX has also formed a symmetrical triangle. Now the price action has again moved at the support and breaking down the support of this triangle.
On the other side, Bitcoin has also formed the same symmetrical triangle on the daily time frame and already has completely broken down the support, therefore, the ICX is also following the footsteps of BTC .
Big harmonic BAT move:
On the long-term weekly time frame chart, the price action of the ICON coin has formed a big bullish harmonic BAT pattern and entered the buying zone. During this drop, the price action of ICX may give us chance to buy it from the very end of the buying zone of this bullish BAT, which is at $.6255.
In the short and mid-term the price action has broken down the triangle and it can become more bearish. But in the long term, it can start a powerful bullish reversal from the potential reversal pattern of the big bullish BAT pattern.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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