KRAKEN:ICNXBT 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 KRAKEN:ICNXBT, 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 KRAKEN:ICNXBT? Well, let's try to find the footprints in the charts.
As the chart and price action suggests, we can expect to see KRAKEN:ICNXBT 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 KRAKEN:ICNXBT 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.
I am not going into the technicals of KRAKEN:ICNXBT, 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 KRAKEN:ICNXBT? Well, let's try to find the footprints in the charts.
As the chart and price action suggests, we can expect to see KRAKEN:ICNXBT 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 KRAKEN:ICNXBT 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).