Iconomy vs BTC Downward Trend
Iconomy has been consistently and poorly operating behind Bitcoin since the end of April this year. Its price took a whopping from 18000 to around 5500 Satoshi in just about 90 days with an almost 70 percent dip. ICN and BTC have been formed new lows at the 5500 level on July 31st, followed by a rejection of the lower support on the declining channel.
As of now, the current trend line continues displaying a heavy bearish attitude, however, after the previous price actions of the coin, a possible trend reversal upwards may go on. Prior to any significant climb, ICN may have to test the 5000 level or even lower at 4000 on the psychological low level.
Monitoring these psych-support levels is vital in case a purchasing window is revealed following a denial of the current support level. Should this occur, the price may spike up around 11000 Satoshi, a level with a previously robust resistance line.
Breaking past the current resistance and holding over 11300 Satoshi could possibly cement the idea of a trend reversal and surge upwards including a medium life-span climb.