Market Notes｜$ICNT ｜Breaking above the 0.3 level
Definition: The longer it has been since the price last reached this level, the more likely it is that the distribution of positions around here has changed considerably. The balance of bullish and bearish forces at the time may no longer apply.
A note on how to read it: It’s common for prices to break through a level and then fall back below it. That’s why many people wait for the market to close and hold above the level before counting it as a breakout, rather than chasing the move the moment it breaks through.
Cross-checking multiple data points is more reliable than looking at just one, but no number of signals can provide a definite answer.
Definition: The longer it has been since the price last reached this level, the more likely it is that the distribution of positions around here has changed considerably. The balance of bullish and bearish forces at the time may no longer apply.
A note on how to read it: It’s common for prices to break through a level and then fall back below it. That’s why many people wait for the market to close and hold above the level before counting it as a breakout, rather than chasing the move the moment it breaks through.
Cross-checking multiple data points is more reliable than looking at just one, but no number of signals can provide a definite answer.