Since the end of April, Iconomy has been consistently losing to Bitcoin. Price went down from 18k to 5.5k satoshi in just three months, with a drop of nearly 70%. On the 31st of July, ICN/BTC has formed the low at 5.5k level where it rejected the lower trendline of the descending channel.
The trend is still heavily bearish, but based on the past price action, a correctional wave up might continue. However, the probability of yet another move lower remains very high, and ICN cold test the 5k or even 4k psychological support levels before having a strong corretion upwards.
It is important to watch these psychological support levels for the potential buying opportunity if the support is rejected. In this case price might go up to the 11k satoshis area, where previous strong resistance has been established.
Break and close above 11.3k satoshis could be the confirmation of the stronger wave up and even result in a medium term uptrend.