ICON vs Bitcoin Short Term Bullish Potential

Icon has found the bottom at 2140 satoshis and under the heavy volume went up, breaking above the downtrend trendline. Price has reached 4744 satoshis high and corrected back to 2900 satoshis, which is the breakout point of the downtrend trendline.

There price has formed a bullish divergence on the RSI oscillator, suggesting that the uptrend is likely to continue. The first strong resistance is seen at 227.2% Fibonacci retracement, that is 7200 satoshis area. Break and close above that resistance would most likely trigger a heavy uptrend resulting in the exponential growth. On the other hand rejection should result in a correction or a consolidation.

Break and close below 2500 satoshis should invalidate short term bullish outlook and could extend the consolidation and perhaps send ICX/BTC slightly lower.

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