PlainviewCrypto

ICN: A coin to watch!

KRAKEN:ICNXBT   ICN / XBT
ICN             has been in a strong downwards momentum for the last 109 days totaling in a 82% loss after an excessive pump in June unfolded.
I am not going into the technicals of ICN             , the project runs and is healthy. I am not basing my arguments for a potential rise on these things.
Technicals are just a smokescreen in the altcoin space, whitepapers, projects, partners - just tools to create hype.
Most of the coins will need years, some even decades, to have real life usage and prove their worth - the rest dies way before.
So what makes the price going and this chart interesting?

Basically we see three main components in every market:
Market Movers, Novice Traders and Hype
in three main market phases:
Accumulation, Pump and Dump (Distribution), Retracement,

How does this play out in the case of ICN             ? Well, let's try to find the footprints in the charts.


As the chart and price action suggests, we can expect to see ICN             bottoming out and enter the accumulation again.
While the bottom is not clear yet, it may as well go to bottom line 2 especially with the pressure of Bitcoin             and the coming hardfork, I suggest to keep ICN             on the watchlist.
I surely will have an eye on this. Depending on how the market continues to move, I will enter preferably between bottom 1 and bottom 2 close to the BTC             hardfork.

Comment: As Bitcoin keeps bullying the precious altcoin market, be advised to take all trades with caution. Until the hardfork of bitcoin and bitcoin-gold, the markets will be a tough field, but allow a lot of great buying opportunities.
Comment: ICN reached a new ATL. The market showed strong support at 180 SAT, which I took as a good entry point with a tight Stop Loss order as the direction this market takes is not clear yet - we could very well see lower levels (which I will use to buy again).
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