Icon takes a dip as BTC failed to break $10k
A couple of days ago I posted a 4 hour ICX/USD chart and pointed out that we had a tightening EQ pattern playing out and would look to break soon. Well well well, we have broken that pattern but we did not get any bullish move to the upside as expected for the anticipated release of the ICONest webpage launch.
This does not come as too much of a surprise to me as BTC failed to break the $10k psychological resistance after it kissed the price point and went for a dip. As we have seen time and time again the alts are certainly correlated to BTC and many have taken a more severe dump due to the Bitcoin Dip.
No follow through on the bearish break
It's not all bad news for ICON. Although we did see it break bearish on the 4 hour EQ we did not get much follow through or increase in volume to drive the price too far down. This is a good sign for ICON holders and we will look to BTC to see whether there is another leg to the downside or we are able to hold these levels and bounce back up.
Happy trading
Tom