Since May, ICON has been steadily declining, loosing 67% to Bitcoin. Looking at the recent price action, ICX/BTC broke below the uptrend trendline twice. Fibonacci applied to the corrective wave up, after the breakout, shows that ICON has reached the very strong support today.

1700 satoshis seems to be the key support as it is confirmed by two Fibonacci levels, both of which are 427.2% retracement. At the same time ICX hitting the bottom of the descending channel, and current price could be the bottom of the decline, or very close to it.

It is possible that the price will spike below the 1700 satoshis, but if daily close will stay above, the trend could reverse to the upside for the long term, or at the very least a strong correction up can be expected.

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