ICON has been in consolidation since the start of February and has been making lower highs and higher lows in a pendant formation.
This is a classic break-out pattern which has formed a consolidation zone where accumulation has taken place in a tight range. At the time of writing, the volume has increased and price has broken out of the upper trend line confirming that demand is greater than supply.
(Right-click and open image in new tab for full-size)
Follow this analysis on TradingView: https://goo.gl/mncdvv
Previously, there has been multiple break out patterns on the smaller time frames that have all reached profit targets. This is generally a good indicator for trend continuation.
If we project the impulse down leg from the February highs and re-position to the center of the consolidation zone, the projected profit target for this trade set up is a 98% return on investment.
Investors that follow fundamentals will also be aware there is upcoming news with the ICO platform launch this week. This will assist with the volume and could be the catalyst to double your investment.
Please leave a comment of upvote if you agree with this analysis.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.