ICONOMI recently saw new highs after the announcement of the platform going online within the next two months. People are now taking profits and it looks like a new cup is forming like we've seen multiple times the past few months. I'm in ICN for the long run and I like to approach it from a fundamental perspective. There are a lot of bullish fundamentals such as the buyback program, which will generate buying support. (See ICONOMI Reddit for the details). For the short term I think we will see a dip, but I doubt it will go below .0005. I took some profits at what looks like a local top for now, but will always keep on to my bigger share of ICN, and look to buy back in lower. I think ICN is a very interesting crypto to look at for the longer run, and I'm sure it will rally more as soon as the platform launches. However, fundamentals such as a delay of the platform release or negative events in the wider cryptosphere can affect price in the coming months. Also keep in mind that the succes of ICONOMI depends on the succes of cryptocurrencies, so if the cryptomarket goes into a bearish decline - which means less profit on ICONOMI's Digital Asset Arrays - this will definetely increase bearish pressure on the value of ICN. Overall, if you think BTC and cryptocurrencies have utility and are here to stay for the longer term, I think it's good to have ICN as part of your portfolio, or eventually use the platform to invest in a managed array of crypto. Do your due diligence, and don't get distracted by short term technicals on this coin.
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Given the current bearish pressure on BTC, we might not see a cup form, but a sideways setup play out instead. The previous cups formed when BTC was in a huge uptrend, resulting in a downwards correction on ICNXBT, when ICN was actually consolidating when converted to fiat value. Depending on BTC price development we'll probably see a sideways continuation or even a push to new highs if fundamentals get into play. I suggest to hold, perhaps trade part of your ICN on the 4hr or hourly timeframes if looking for some short term gains.
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My initial prediction didn't play out and we saw bullish sentiment peak after a breakout. After that, a correction was to be expected. At this point I think we are slowly finding bottom around the 0.001 level. We will probably see some sideways and a new move up after that. Depending on how fundamentals play out leading up to August 1st, we might see new highs as soon as the end of July.
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We went a little lower than expected, due to the massive blood in both BTC and Alts. Looks like we found support and are ready for a move up leading up to platform release.
Zooming in, we are already recovering and will likely see .0011 levels again soon. After that, more upside in the coming weeks. HODL.
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.0011 level has been reached as expected. I expect a new move up in the coming weeks or even days, depending on fundamentals. If Q2 reports come out before platform launch, it might trigger a rally. Let's hold and see how things play out.
Although this news does not affect the ICONOMI platform, it might affect the trading of ICN tokens. If Kraken decides to halt ICN trading, we might see more red in the short term. I'm reducing exposure here.
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Overall, my prediction is still very much on track
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We are still looking good here. With platform launch and a big day for crypto, let's see what tomorrow brings.
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Platform went life today as expected. Bitcoin Cash hasn't caused much trouble for now. Market reacting well, HODL.
We could also see a smaller cup and handle breakout, with a target of 0.001 btc based on fib extension and psychological resistance.
s3.amazonaws.com/tradingview/snapshots/v/vKvFjkkL.png Great analysis and happy hodling!
Merijnnij
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@Repelsteeltje, I think a breakout is very possible indeed. With BTC looking stable for now, sentiment in ICN seems even more bullish than I expected. As often is the case in crypto, hype can grow exponentially fast and peak in anticipation of certain fundamentals, leading to parabolic price moves. Personally I'd prefer to see a graduate growth leading up to the platform release, that will hopefully happen within the announced timeframe. If all goes well, there is a huge potential upside. With the buyback structure in place, this is a low risk, high reward type deal.
s3.amazonaws.com/tradingview/snapshots/v/vKvFjkkL.png
Great analysis and happy hodling!