Candles Start Fires, in ICON!! (ICX/BTC)
Hi friends! Let's take a look at ICON! Shall we? Looking at the four hour chart, you can see that ICX/BTC has found support on the rising pink trendline. We can see that it has broken above the 20 EMA (in blue) and the 50 EMA (in orange) after breaking to the upside of a small rising wedge (in black.) However, I'm not so sure about this breakout at the moment. There's actually an ominous pattern here. I'd like to draw your attention to the orange circles on other chart. You can see that each time we had a break above the 50 EMA, Icon started to print topping tales on the candles. This occurred on high volume, and then ICX/BTC quickly reversed to the downside. Looking at the current action, you can see that the exact same thing appears to be happening. We've broken above the 50 EMA, printed two topping tales, and now the current candle is returning to the downside.
Another interesting thing to note, is that each time these reversals were printed, the MACD was right around the zero line. So, we can see the same thing here. The MACD is right over the zero line, and the chart is printing reversal candles, just above the 50 EMA. So, it's pretty simple from here. Proceed with caution, and use the 50 EMA as a barometer for strength. A break back below the 50 EMA will confirm the reversal. From that point, we would be on watch for a breakdown of the pink trendline. However, a break above the highest candle wick, on the breakout candle, will be very bullish. Specifically, that level is 4433. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
Another interesting thing to note, is that each time these reversals were printed, the MACD was right around the zero line. So, we can see the same thing here. The MACD is right over the zero line, and the chart is printing reversal candles, just above the 50 EMA. So, it's pretty simple from here. Proceed with caution, and use the 50 EMA as a barometer for strength. A break back below the 50 EMA will confirm the reversal. From that point, we would be on watch for a breakdown of the pink trendline. However, a break above the highest candle wick, on the breakout candle, will be very bullish. Specifically, that level is 4433. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
Komen:
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