This post is a follow up on the epic ICX (non) breakout yesterday. We were watching ICX very closely yesterday and never saw the ABCDE/triangle breakout we were expecting. BTC/USD saw some profit taking and was overbought ( indicator with the purple line on the bottom the screen), the dip resulted in a quick exit out of many alts yesterday. That is the market. When BTC dips, alts dip faster. When BTC pumps, alts stay stagnant. When BTC goes sideways, alts have fun. When BTC goes north of $12.5k, alts party (see medium article for details).
We are also following up on that article yesterday because ICX/BTC is only 50-75% the market (big range because varies day to day). ICX/KRW makes up the rest with 25-50% of the . Almost all of that is on Bithumb. WOW. That must mean ICX is making up a ton of on Bithumb itself...wait, what!?! 1%? 1%!!! WHAT!
Yes, ICX only makes up 1% of the daily on Bithumb. About $7M USD. The top 3 currencies for Bithumb are EOS, XRP, BTC and all are around $100-300M in . Theoretically, if ICX jumped up over $100M in daily , we will see life pumped back into ICON. To give you an idea, ICX is about $35M of daily , right now. Go ahead and add a 0 to that figure and see what happens.
This is a sleeping giant. Forget about finding the perfect entry in terms of cents. This is a hold in our Large-Cap portfolio. If you bought yesterday before the drop, you are good to go. If you have not, this chart is showing a nice entry point.
Green circles are showing a breaching of the . The price rose afterwards each time for the past two weeks. indicator on the bottom looks good, is breached, and fundamentals are there for ICX. This is a long-term hold for our portfolio.
Comment if you have any questions, good luck out there!
- DA Bull
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