Following my biased logic of What goes up, must retrace!
ICX doesn't particularly stand out, I screened it purely on +% change and low volume today. And I don't usually look up if there are any big news for the coin, but today....... I also didn't check the news.
My thesis is quite simple:
#1 ICX is in the Golden Pocket of Fibonacci Extension taken from January 24th
#2 +8% gain in 4 hours without much volume
#3 Barely broke out of the 1H Resistance (now Support)
Clearly ICX is highly speculative at the moment, but I believe it'll retrace to the 0.5 Fibonacci Extension level, which will still be within the 1H Support channel. I'll follow this with a careful trailing-stop all the way down. Expect some turbulence or side action in the Support channels.
Target #1 = 0.5 Fibonacci Extension level
Target #2 = 0.382 Fibonacci Extension level
When in trade I keep to a strict Risk Management plan and keep an eye on BTC
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
ICX doesn't particularly stand out, I screened it purely on +% change and low volume today. And I don't usually look up if there are any big news for the coin, but today....... I also didn't check the news.
My thesis is quite simple:
#1 ICX is in the Golden Pocket of Fibonacci Extension taken from January 24th
#2 +8% gain in 4 hours without much volume
#3 Barely broke out of the 1H Resistance (now Support)
Clearly ICX is highly speculative at the moment, but I believe it'll retrace to the 0.5 Fibonacci Extension level, which will still be within the 1H Support channel. I'll follow this with a careful trailing-stop all the way down. Expect some turbulence or side action in the Support channels.
Target #1 = 0.5 Fibonacci Extension level
Target #2 = 0.382 Fibonacci Extension level
When in trade I keep to a strict Risk Management plan and keep an eye on BTC
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
Kommentera:
Target #1 reached, my trailing-stop got me out once ICX went back to the 0.5 Fib level. Moving onto greener pastures.
