There is my analysis of the current situation on ICXBTC.
1. The local trend -> downtrend
2. Divergence in point A and C -> bearish
Scenario 1 – my current
We are going to point D, somewhere about 2857, but it is also possible to land only on the level 2996 – 3016 (strong level AB = CD). The formation XABCD is bullish, so from point D the uptrend should start.
Scenario 2 – an alternative option
If scenario 1 is wrong, and we are going up, confirmation of the uptrend will take place when a candle will be closed above 4651.
There is not any financial advice, just my two scenarios.
1. The local trend -> downtrend
2. Divergence in point A and C -> bearish
Scenario 1 – my current
We are going to point D, somewhere about 2857, but it is also possible to land only on the level 2996 – 3016 (strong level AB = CD). The formation XABCD is bullish, so from point D the uptrend should start.
Scenario 2 – an alternative option
If scenario 1 is wrong, and we are going up, confirmation of the uptrend will take place when a candle will be closed above 4651.
There is not any financial advice, just my two scenarios.