ICXBTC dominated by bears dragging the market lower throughout the day


ICON/BTC Index (ICXBTC) Technical Analysis Report for Aug 11, 2018 [1 min read]
Highlights
ICXBTC dominated by bears dragging the market lower throughout the day
ICXBTC unable to break through key resistance level
ICXBTC closes lower for the 2nd day in a row
ICXBTC ends the day on a bearish note closing near the low of the day
ICXBTC breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ICXBTC finished Saturday at 0.0001065 losing BTC0.0000099 (-8.51%). Today's closing price of 0.0001065 marks the lowest close since December 4, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0001142, the cryptocurrency confirms its breakout through the prior session's low having traded BTC0.0000083 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ICXBTC
Volatility

Saturday's trading range was BTC0.0000107 (9.23%), that's slightly below last trading month's daily average range of BTC0.0000119. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being exactly the same as average.

Support/Resistance

Unable to break through the key technical resistance level at 0.0001161, ICX/BTC closed below it after spiking as high as 0.0001166 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for ICON/BTC Index
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
White Candle TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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