ICXBTC closes above its opening price after recovering from early selling pressure

ICON/BTC Index (ICXBTC) Technical Analysis Report for Sep 15, 2018

Highlights

ICXBTC closes above its opening price after recovering from early selling pressure
ICXBTC finds buyers at key support level
ICXBTC closes higher for the 3rd day in a row
ICXBTC closes within previous day's range
ICXBTC ends the day indecisive

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, ICXBTC finished Saturday at 0.0000900 gaining BTC0.0000016 (1.81%). Trading up to BTC0.0000126 lower after the open, Icon managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ICXBTC

Volatility

Saturday's trading range was BTC0.0000271 (30.87%), that's slightly above last trading month's daily average range of BTC0.0000253. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being exactly the same as average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

After trading as low as 0.0000752 during the day, ICX/BTC bounced off the key support level at 0.0000767. The failure to close below the support might increase that levels importance as support 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 neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for ICON/BTC Index

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
High close to previous High 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
More market conditions identified for TQ Pro members...
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