OK, Korea is back on the map! Bithumb will begin trading ICX on Sunday March 25th. This is what we have been waiting for in the cypro world. The day is upon us.
So, you want to take profit? For those that wish to take some profit, here are two intermediate price points that you can target. They are 0.00072 and 0.00048.
(For those technically inclined, I'm using fib-trend analysis on the wedge pattern. The higher target was determined using the ATH as a high swing point.)
For those not taking profits, hold on tight!
-DA Bull
----- As always - DYOR
Digital Alpha is not a licensed financial planner, financial advisor, stock broker, investment broker, or investment advisor. Before making any trades, check with a financial planner, investment advisor, tax advisor, or anyone else that controls your finances to make sure trading is right for you. The information provided here should not be construed as individual investment advice. All information presented on this site is the opinion of the author only and is not a solicitation to buy, sell, or hold any investment or security of any kind.
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Looks like we hit 0.0004744, if you laddered into 0.00048 you would have captured some profits. Next stop would be 0.00058 on the way to 0.00072.
If your sell order hit in the 0.00047 range, re-entry target is 0.000435 (0.618 level retracement).
Comment
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Re-entry target was reached. End of Wave 3 target is 0.0005420
I agree with this. Hope bitcoin stays stable so ICX can reach all targets and beyond :D
BollingerMan
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Since basically the fundamental analysis is going great with Korea and other big announcements to come. You think .00072 is the spot to sell? The way it has been trading the only thing holding it back is people taking profits and selling. The tech is there and the only thing better than a Ford to a Red Neck is anything to a Korean. I say buy and hold, looking 3 x earnings by mid April and $8 by end of year.
Thanks for the analysis and lets all make some cash.
BollingerMan
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@BollingerMan, sorry meant any thing Korean to a Korean... worked in Asia and they stick to what they know and there country and what it produces
DIGITAL-ALPHA
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@BollingerMan, hey man, thank you for the comment! I agree with your sentiments. This analysis is really for two types of folks. Those that wish to play the bounces/resistances and those that wish to exit. Playing resistances can be very challenging in a market like this, but there are always those that do.
kash27
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Buy the rumor, sell the news. The RSI and MACD show overbought, Im not very optimistic tbh especially if btc goes back down
DIGITAL-ALPHA
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@kash27, thank you for your comment! Yes, you are correct in observing the indicators. However, to look at this sort of price movement you must look at the 1 Day charts. I will post here. You will see a different story...MACD still has a ways to go.
You will see the RSI go in spurts here, but trading the fundamentals is of more importance here - supply and demand, Korean Won pairings create very strong demand, giving credence to MACD on 1day charts.
DIGITAL-ALPHA
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@kash27, I should add that this chart on this time frame is intended for those that wish to play the bounces. Indeed they are showing those signs and could be a good opportunity to play it.
kash27
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@DIGITAL-ALPHA, Thats true, you make a fair point. But I'd say on the daily chart the RSI and MACD have been low for weeks without a bounce. Sure the demand MIGHT grow for ICX now, but if we continue to stay in a bear market I doubt this coin will see a lot of growth. In fact being listed on a Korean exchange might result in a bigger sell-off as it will increase transactions, not necessarily longterm investment (hodling). Just think of it as an increase in trading activity, meaning going up to say $5 and then back to $2 within days as a result of increased activity by being added this exchange, especially in a down market. Icon is a great project no doubt and I can see it being 3-figures by next year, but I think atm BTC is going to go back to low 8k or 7k and take all this alt growth with it.
Either way we're only discussing probabilities, it could go in either direction
DIGITAL-ALPHA
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@kash27, i hear ya, I appreciate hearing your thoughts. Can I ask why you think BTC will go back down to 8 or 7K? I'd like to look at your charts to pick your brain. I have something different, which is why I ask. I'm showing a channel development. The fact that you are circling your comment back to BTC does show you definitely know what you are talking about. Everything runs through BTC and if BTC is a not a bull, nothing can really be a bull.
kash27
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@DIGITAL-ALPHA, Multiple reasons. One today saw a higher sell volume and little support from buyers, after the 3-day streak. Today also painted a rising wedge starting from 7.4k to 9k and broke it by going under 9k. Rising wedges tend to come back to the base, so I expecting wave 5 and double-bottom before BTC goes up (from a downwards elliot wave that starting earlier this month). We're losing momentum and yesterday I saw sudden increased buy order on bitfinex, and that artificial volume means market manipulation (whales). This game has been going on for weeks. The coins go up at the beginning of the week and go back down towards the end, which is a great way to make money if you observe the trend. Im not convinced that the climate has changed mostly because I dont see public support to hold the prices after yesterday's pump
I'd say currently the resistance is ~9.2k and the support is at ~8.7k