ICX, Ethereum And Bitcoin Inch Higher

ICX ANALYSIS: OCTOBER, 2021

Market Structure:

ICX is a cryptocurrency developed by a group of South Korean developers building the Icon blockchain. Here’s the market structure of ICX.

ICX is trading at $2.036. The market structure of ICX is bullish as it defended the previous lower-low structure and broke the lower-high structure. In addition to this, ICX has rallied more than 50% in a matter of four days, highlighting the dominance of the buyers in the market. The volumes on the surge were above average led by a rising 20-day exponential moving average. $2.085 will serve as the immediate resistance.

On the hourly chart, the coin has rallied quite a bit, invalidating most supply zones. The coin has yet to mitigate a huge area of imbalance formed between $1.704 and $1.901 because of intensive buying. However, the coin is looking so strong that any mitigation cannot be pictured as of yet. ICX may cross its previous swing high of $2.2 in the coming weeks.

Market Indicators:

The Relative Strength Index is indicating extreme price strength for the coin in the short-term. The hourly RSI has crossed above the overbought region. It stands at 73.04 and has the potential to go higher.

The MACD has just crossed above the signal line, indicating further upside for ICX.

ICX analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.083, $2.15 and $2.22 are the targets on the upside.

On the breakdown and close below $1.994, $1.907 and $1.850 are the targets on the downside.

ETHEREUM ANALYSIS: OCTOBER, 2021

Market Structure:

Ethereum is the second-largest cryptocurrency in the world after Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3316. The market structure of Ethereum has recently turned bullish as the giant broke the previous structure point. The lower-high structure was formed at $3161 which Ethereum broke with good volumes and a rising 20-day exponential moving average. Now, the coin must sustain above $3344 in order to witness further upside till $3500 levels. Historical data has shown that September is the month for a fall and October is the month for a huge pump.

On the hourly chart, Ethereum has rallied over 20% in four days as the bulls continue to overpower the bears. Yesterday, the coin gave a breakout of the bullish pennant as well as the overhead supply zone at $3185. The coin made a standard breakout, retest and continuation on the hourly chart. Above $3344, more upside will be seen.

ICX analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is hovering near the overbought region. It stands at 65.81 and has the potential to go higher.

The MACD is below the signal line, thus showing short-term weakness for the coin.

ICX analysis
Source: tradingview

Conclusion:

On the breakout and close above $3344, $3447 and $3667 are the targets on the upside.

On the breakdown and close below $3258, $3194 and $3090 are the targets on the downside.

BITCOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency by market capitalization in the entire cryptocurrency market. Here’s the market structure of Bitcoin.

Bitcoin is trading at $47650. The market structure of Bitcoin has recently turned bullish as it broke the previous structure point. The lower-high structure was formed at $45000 which Bitcoin broke with good volumes and a rising 20-day exponential moving average. Now, the coin must sustain above $48417 in order to witness further upside till $50000 levels. However, Bitcoin has to mitigate the area of imbalance created yesterday. Thus, a short-term downside can be seen before Bitcoin continues to rally further.

On the hourly chart, the coin broke out of the descending triangle trendline. In the process, it invalidated a crucial supply zone placed at $45000. Eventually, Bitcoin crossed above its Fibonacci level which has now turned into a support. Above $48000, Bitcoin will have a huge upside towards $50000 and beyond.

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI has cooled down from the overbought region. It stands at 63.86 and has the potential to go lower.

The MACD is below the signal line, thus showing short-term weakness for the coin.

Bitcoin analysis
Source: tradingview

Conclusion:

On the breakout and close above $47900, $48500 and $50000 are the targets on the upside.

On the breakdown and close below $47400, $46700 and $45000 are the targets on the downside.