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On January 20, the ICON (ICX) price broke out above a descending wedge that had been developing since September 2019. This could be the beginning of a long-term upward movement.

Cryptocurrency trader @CryptoNTez outlined an ICX price chart, stating that he is seeing a buy signal after eight months. If the price successfully flips the 1750 satoshi level, he believes that the price will head towards 2300 satoshis.

$ICX

UCTS displaying a 2D Buy signal after 8 months..

Zooming in:
Testing ~1750 sats resistance level (Matching EMA50) w/ increasing volume..
Starting to cross Ichi cloud on the 1D

Looking for a potential flip at this level as continuation to ~2300 sats (20%+)

Stay ready#ICX pic.twitter.com/oASVdOVrMe

— Nico (@CryptoNTez) January 21, 2020

Since the coin was launched, the 5500 satoshi area has offered support to the ICX price. This held true until May 6, 2019, when the price broke down.

Afterward, the price continued decreasing and making successive all-time lows, culminating with a low of 1408 satoshis on January 8, 2020. The price has been increasing since.

Over the past six months, the weekly RSI has been generating bullish divergence and has completed a failure swing bottom. This suggests that a reversal is near.

Beginning on August 9, 2019, the ICON price created a descending wedge. This marks approximately the entire time that the weekly RSI generated bullish divergence.

On January 20, the ICX price broke out above this wedge and seemingly validated it as support. The breakout was gradual since there was no price spike with high volume to confirm it.

At the current time, the price is trading above the 100-day moving average (MA) but below the 200-day one. A price movement above both combined with a bullish cross of these MAs would confirm that the price has begun an upward trend.

The ICON price has just successfully flipped the 1750 satoshi area as support and is moving upward. The price has yet to show any weakness.

The closest resistance areas are found at 1900 and 2000 satoshis. Conversely, there is support below the current price at 1600 satoshis. A decrease towards this area would complete an overthrow since the price would head back inside the descending wedge it had just broken out from. Therefore, we do not think this is likely, at least not in the short-term.

On the other hand, it is possible that after the price reaches at least one of the resistance areas it comes back to the support area and validate the resistance line of the wedge in the process.

To conclude, the ICX broke out from a long-term bullish reversal pattern. In the short-term, we believe the increase is likely to continue until the price reaches at least one of the resistance areas outlined above. In the long-term, we have a bullish outlook for ICX.

The post ICON (ICX) Successfully Breaks out Above 150-Day Resistance Line appeared first on BeInCrypto.

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