Trade Recommendation: ICON

ICON (ICX/BTC) is a coin that we’ve been closely monitoring. It caught our eye ever since it breached support of 0.0001. From that point, we knew it was only a matter of time until it revisited its December 2017 low of 0.000055. That was our line in the sand. If ICON holds that price area, we’d be interested to enter long positions. Otherwise, we’re happy to cross it off our watch list.

So far, it seems that ICON wants to stay alive as bulls are managing to keep the market above our line in the sand.

Technical analysis shows that ICX/BTC is staying above support of 0.000055. What’s even better is that the market only dropped to as low as 0.0000561 on November 25. At that point, the market strongly rejected lower prices. This indicated that bulls are more than ready to defend this price area.

On top of that, ICON breached resistance of 0.0000582 on December 17. This enabled the pair to break out of a descending triangle pattern on the 4-hour chart. The breakout was retested on December 18. After that bullish price action, ICX/BTC rallied to as high as 0.000066 on December 21.

The strategy is to buy on dips as close to 0.000059 as possible. As long as bulls defend this level, ICON will likely continue its bullish momentum and climb as high as 0.0000781. Take that out and the next target is 0.0001.

The process may take less than a month.

4-Hour Chart of ICON/Bitcoin on Binance

As of this writing, the ICON/Bitcoin pair is trading at 0.0000627 on Binance.

Summary of Strategy

Buy: As close to 0.000059 as possible.

Targets: 0.0000781 and 0.0001.

Stop: 0.000058

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.

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