DIGITAL ALPHA UPDATE - What the ICX happened yesterday?!?

BITHUMB:ICXKRW   ICX / South Korean Won
What is up everyone, hope you are having an awesome day.

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 ( Stoch RSI 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 volume . Almost all of that volume is on Bithumb. WOW. That must mean ICX is making up a ton of volume on Bithumb itself...wait, what!?! 1%? 1%!!! WHAT!

Yes, ICX only makes up 1% of the daily volume on Bithumb. About $7M USD. The top 3 currencies for Bithumb are EOS, XRP, BTC and all are around $100-300M in volume . Theoretically, if ICX jumped up over $100M in daily volume , we will see life pumped back into ICON. To give you an idea, ICX is about $35M of daily volume , 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 bollinger bands . The price rose afterwards each time for the past two weeks. RSI indicator on the bottom looks good, bollinger band 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
Trade closed: target reached: ICX clearly went on a bull run here. Do note, volume is still very low on Bithumb. Our belief at DA is the real pump will not happen until the swap has completed with ICX mainnet tokens. At that point is when Koreans can use ICX at vending machines (for example) via their ICX wallet, meaning marketing can kick into gear at that point.
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Digital-Alpha is not a Registered Investment Advisor, Financial Analyst, Financial Bank, Securities Broker or Financial Planner. The Information here is provided for informational purposes only.
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