What is up everyone! Hello to you all, thank you for stopping by. We have a nice little piece on ICX here to present. The subject of today's little discussion is "rounding bottom". We believe ICX is in fact in a larger rounding bottom and has a smaller rounding bottom within that is just breaking out! Who doesn't love a breakout!
The large rounding bottom starts at 0.0009 and dips down to 0.000216. If the larger pattern continues up to 0.0009 then we will be watching for a very big breakout. On the average these breakouts generate around 40-45% returns (this type of return would result in a price of 0.0013 - matches up with 1.618 fib), BUT you normally take the starting price (0.0009) and subtract it from the low (0.000216), take the result (0.000684) and add it to the starting price of the formation (0.0009 + 0.000684 = 0.001584). At current BTC prices we are looking at $15/icx...keep in mind BTC/the overall market needs to be in a bull market to get that type of return, meaning BTC would most likely be at a higher price giving ICX potential prices of $15 (btc = $10k), $31 (btc = $20k), $63 (btc = $40k)! Nice.
Keep in mind, I said a smaller formation too. That formation is on the right side and displayed with 2 hour candles. The larger formation on the left is displayed using 1 day candles. Keep in mind both have volume trends (shown on the bottom) that mimic the formation, meaning this trend is checking all the boxes. The smaller trend on the right is showing breakout potential of 0.000635 using the high price, minus the low price, plus the high price formula. The other price point is 0.00069, which is the 45% return...that also happens to match up with the 0.786 fib. We are awaiting confirmation of this breakout at this moment. We are testing the previous resistance as a support and if successful then the smaller rounded bottom is in play! Now go trade!
Keep in mind, for the large cap portfolio we have not touched ICX. We are riding ICX until this formation plays out...we may have known about this formation a little earlier ;)
Thanks for reading!
DA BULL
BTW - for the XLM trade, the trade did not occur. We were not able to capitalize on it. We traded back into BTC/USD when BTC dipped below $8.7k (mid $8k region). We then re-allocated NEO, LTC, and IOTA like we said we would. Update on Large-Cap portfolio to come. Keep an eye on OMG (hint hint)
The large rounding bottom starts at 0.0009 and dips down to 0.000216. If the larger pattern continues up to 0.0009 then we will be watching for a very big breakout. On the average these breakouts generate around 40-45% returns (this type of return would result in a price of 0.0013 - matches up with 1.618 fib), BUT you normally take the starting price (0.0009) and subtract it from the low (0.000216), take the result (0.000684) and add it to the starting price of the formation (0.0009 + 0.000684 = 0.001584). At current BTC prices we are looking at $15/icx...keep in mind BTC/the overall market needs to be in a bull market to get that type of return, meaning BTC would most likely be at a higher price giving ICX potential prices of $15 (btc = $10k), $31 (btc = $20k), $63 (btc = $40k)! Nice.
Keep in mind, I said a smaller formation too. That formation is on the right side and displayed with 2 hour candles. The larger formation on the left is displayed using 1 day candles. Keep in mind both have volume trends (shown on the bottom) that mimic the formation, meaning this trend is checking all the boxes. The smaller trend on the right is showing breakout potential of 0.000635 using the high price, minus the low price, plus the high price formula. The other price point is 0.00069, which is the 45% return...that also happens to match up with the 0.786 fib. We are awaiting confirmation of this breakout at this moment. We are testing the previous resistance as a support and if successful then the smaller rounded bottom is in play! Now go trade!
Keep in mind, for the large cap portfolio we have not touched ICX. We are riding ICX until this formation plays out...we may have known about this formation a little earlier ;)
Thanks for reading!
DA BULL
BTW - for the XLM trade, the trade did not occur. We were not able to capitalize on it. We traded back into BTC/USD when BTC dipped below $8.7k (mid $8k region). We then re-allocated NEO, LTC, and IOTA like we said we would. Update on Large-Cap portfolio to come. Keep an eye on OMG (hint hint)
Trade active:
Nice bounce off of the newly formed support of 0.0004750, all looks well. Just need to see how ICX reacts if/when BTC drops some more. The big bull rush might not happen until BTC passed $10k and tests $10k as support. If you watch the order books during an ICX run there will be a 25-30k sell order that pops in around the point where a big run can happen. My goal is to track that wallet and see how much ICX is left to time the big run. Happy Sunday!
Trade active:
Temporary hiccup forming...be aware
