Iconomy Buy Trade Setup

Iconomy currently stuck between the support and resistance levels. the support is at 78.6% Fibonacci retracement level, that is $0.87. The resistance is being the point of breakout of the descending channel, that is $1 psychological price.

In order for ICN/USD to start moving higher, a close above $1 is required. When/if that occurs, price should continue going up reaching on of the resistance levels. The fist resistance is at $1.3, that is 50% Fibs. Second resistance is at 23.6% Fibs applied through the all time high, that is $1.75. And final, key resistance, that could be considered as an upside target is located at $2.4 area, and confirmed by two Fibonacci retracement levels.

Price might continue to consolidate between $1 and $0.87 for a little while, but if it breaks and closes below the $0.84, the downtrend could start dominating sending ICN down to the $0.64 support area.

Source: http://cryptopost.com/iconomy-buy-trade-setup/
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