In my last post I talked about a bearish scenario relating to the ICX/BTC pair. This scenario seems to not have played out like I thought it would have with Bitcoin's price jumping from $6586 to $6870 at the time of writing. The ICX/BTC pair also experienced a jump in price today with it going from around $1.85 to $2.04.
This price action seems to have set up the indicators nicely for the 4hr on ICX. On the RSI side, there is now a lower high, which could be a possible sign of bullish divergence. The MACD has also crossed over after being in the negative side for some time now with the histrogram upticking slightly. If we take a look at the chart for ICX/BTC, the 55 day moving average is still on top and we have failed to have a bullish candle close above it yet. It seems that the gap between the 55 and the 21,13 and 9 day moving averages are closing and there could be a bullish crossover sometime soon.
This price action seems to have set up the indicators nicely for the 4hr on ICX. On the RSI side, there is now a lower high, which could be a possible sign of bullish divergence. The MACD has also crossed over after being in the negative side for some time now with the histrogram upticking slightly. If we take a look at the chart for ICX/BTC, the 55 day moving average is still on top and we have failed to have a bullish candle close above it yet. It seems that the gap between the 55 and the 21,13 and 9 day moving averages are closing and there could be a bullish crossover sometime soon.