ICX/ETH - Long-term falling wedge

10 במאי 2022

Hello my dear friends, here I am again. Like promised, here is the longer term outlook on the ICX/ETH pair. As u can see, we are situated in one of the biggest falling wedges I have ever seen, dating back to 2018!!! U can see the paths this pair will take when one of the trend lines breaks. In my opinion, because a falling wedge is a bullish pattern, it will more likely break to the upside rather than to the downside. I estimate the chance for a bullish outbreak to be 80-90 percent. But if it breaks the support we can see a very sharp move to the green box marked in the picture. However, when we break to the upside, I expect massive movements for the ICX/ETH and even the ICX/USDT pair. When it breaks out it can take 2 paths. One path indicates a fast break of the blue target of the falling wedge and going further parabolic. The other path indicates a far weaker move, meaning the pair will get hindered by the target area and drop to the previous marked support and consolidate for some time before moving up again. Both are equally probable in my opinion so watch out for that. A break to the upside would mean that ICX is ready for a new all time high for the ICX/USDT pair, as I think ETH will stay strong in the meantime. That's it for today, any comments would be helpful, thanks.