We broke out of the and hit the first target of our five wave structure. Because it retraced to the golden ratio I do not expect wave 4 to retrace lower than the peak of wave 1.
The on the is making higher highs and shows strength. The on the 1h chart is showing lower highs which I relate to the retracement and cool down of the Indicator before it can start its rally to the next target.
The longer term target remains at ~54750 Satoshi, if the breakout does not fail (I will rechart if that would be the case). My time cycle analysis tells me that the longer term target should be hit within the last 10 days of April.
Please let me know what your thoughts are. I will appreciate every critical view on my work.
I updated the targets of ICX based on the new data that came in:
After retracing to 32450 Satoshi or slightly below (green box), I do not expect it to coninue the correction to a lower point. The indicators are cooling down and we can expect ICON to continue its bullrun.
Since the 5th wave is usually the one with the highest rate of failure, I will keep an eye on the upcoming movement and update as soon as I see anything suspicious.
Hi guys, here is the main update for today:
I had to rechart everything, since @calibretto gave me the idea of wave 2 just happening and not as I stated earlier wave 4. Good news is, that we can expect higher targets on this run.
The golden ratio is being violated so we might find ourselves at the next level of support at around 29600. The EMA 55 is acting as a support at the current moment and we also have the psychological support at 30000.
Indicators are looking healthy enough to start the run to our next target. Based on my past experience with ICX, BTC price is not tied to it and will not affect the movements of ICX.
Feel free to share your thoughts and ideas in the comments. It is highly appreciated.
Next trades are coming soon!