$Iconomi has formed descending triangle | Let's see if it breakout

CryptoKraze Technical Analysis

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Hey folks, @cryptokraze here and I am going to cover technical analysis of $Iconomi for Short trade. I am using tradingview charts and price linked to Binance exchange. Let's have a look on technical aspects of $Iconomi.

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Possibility on 1 Hour Chart

If you look at 1 hour chart, you will see $TX has formed a descending triangle and likely to breakout. This is very common pattern in cryptocurrencies, whenever a coin makes this descending triangle, a breakout is imminent that might happen anytime soon. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again.

• I would have a buy entry at 0.00015000 with my profit target around 0.00019500 or above.
• Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Have a look on my other Posts

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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