As ICX has been rising for over a month now, we thought it was time to do another analysis on it as it is a favorite coin for many. ICX is currently trading around resistance at 0.93 cents and if this can be flipped to support then the road is reasonably open for ICX. The targets that may cause resistance are the extended Fibonacci levels.
We see the ema55 standing quite close to the ema100 and if this is going to be crossed bullish, this will (may) give a boost to a further rise.
On the daily, there has been a retest on the previous high which is highlighted in yellow but we also see a bearish divergence which seems to be holding back the price at the moment.
The ema's have been bullishly crossed here for the past month and are slowly starting to move wider apart. In other words, the uptrend is strong and we can see this in the volume which is rising considerably.
The rsi is experiencing resistance from the trend line indicating divergence. I keep a close eye on this line because in most cases you can already see what the price is going to do. Example: if the rsi crosses the trendline then the price will usually follow it.
The 4 hours chart looks very nice in my opinion. We see higher highs and higher lows. And when we measure the last inpulse wave up with the Fibonacci we see a nice golden pocket retrace. We also see that the trend here is not getting stronger but staying the same but continuing to rise steadily.
The rsi has crossed the 50 level and is currently crossing the ema bullish as well. When this happens the trendline (if you will pull it over the rsi) will also be broken which is additional confirmation.
Conclusion:
My expectations for ICX is that it will move above $1 in the near future. However, there is a reasonable chance that there will be a (small) retrace first given the bearish divergence on the dailly. The price will then be able to fall back to the support on the Fibonacci 0.618 at 70 cents. The next support we can see is at 60 cents. The resistance levels are at 1 dollar and then at 1.40 dollars.
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