Icon & Crypto are bleeding. Don't forget the story of $NEO and how we ultimately took advantage of NEOs "temporary" fall from grace. NEO our 4th largest positioin in the crypto folio by weight, is up more than 640% net:
Up 823% since buy alert 1
Up 359% since buy alert 2
Up 254% since buy alert 3
There is lesson to be learned here and an opportunity to exploit.
The crypto market, & Korea's ICON in particular, are all getting their once a month beat-up. This is nothing new, this happens like clockwork in crypto & stocks. This time the catalyst is yet another potential ban on cryptocurrency exchanges by Korean authorities. We've seen this tale before..and every time it's ever happened it's only been a buying opportunity. CNBC in particular went heavy on the click-bait:
First off, ease off the panic ...there is no formal ban. And even if there was or will be for the intent of "pending regulation" all of that is NET GOOD FOR ICON & all of Blockchain in general.
https://coinjournal.net/south-koreas-bitcoin-regulation-highly-optimistic-false-reports-claim-ban/
Let me remind everyone that this is the same kind of FUD that is repeated throughout the blockchain sphere over & over again. There will always be bear raids on Bitcoin and the blockchain in general. This has been happening ad infinitum OVER AND OVER AGAIN! So much that it's generated a whole meme industry around the joke of bans or any attack that Bitcoin will suffer a death blow. Do you know how many times Bitcoin has died? 234 times to be exact.
Moving on:
This is near the same identical FUD (fear, uncertainty, & doubt) that caused $NEO to drop from a high of $58 to $13 back in September when reports came out that China was banning cryptocurrency exchanges. The immediate reaction was much like we're seeing today, everything took a beating. Then the updated "soft reports" came out clarifying that the Ban was "temporary" along with other clarified jargon being used like "pening regulations" etc. The first reaction by the community, and click bait media that thrives off the commotion, is to yell FIRE! That's always the first reaction that sets in.
Now this is very important to put into perspective. The Chinese ban FUD that roared through the social media outlets hard topped NEO back in August of this year. Remind yourself what happen once the dust settled:
Meanwhile, we were buying in several areas, brining NEO up to our 4th largest holding in the crypto folio. Our thesis didn't change on NEO on how it was a superior platform that was positioned to be a blockchain leader in the proliferation of dApp growth for a compendium of reasons that we highlighted on our NEO coverage. We haven't sold a single NEO yet:
Up 823% since buy alert 1
Up 359% since buy alert 2
Up 254% since buy alert 3
The NEO pullback was a massive gift for us that allowed us to accumulate lower before the real take off began.
We discussed how the Chinese government wouldn't want to get left in the Blockchain dust and let rival nations be the only victors in establishing their blockchain footprint. The same is true with South Korea. In fact, Korea is regarded as one of the most crypto friendly nations of the world, along with Japan, Denmark, Netherlands, UK, Switzerland, Estonia, Singapore, Australia for example: https://cryptoslate.com/top-10-most-crypto-friendly-countries/3/
WHAT THIS MEANS FOR ICON
Now, focusing in on what this means for ICON...absolutely nothing. ICON is practically in bed with their Korean government. Some theoretical perspective ...back when China placed it's ban...it was speculated by BotTrigger that the ban was most likely part red party conservatism ahead of elections, but also part NEO actually encouraging the Government to regulate the exchanges and discourage the pirates from setting up improper ICOs that were money grab projects to ensure that the Chinese people were protected. NEO nor the government want to see their citizens taken to the cleaners by insecure exchanges or money grab pirate ICOs. As a power move for NEO this was net good for them....Imagine this:
NEO: "hey Government ...let's work together...we'll clean this all up....suspend/ban these rogue exchanges from operating...we know our own people can go a little off the charts with pirate-like behavior. Instead we'll work with you to create regulated transparency and be the source for ICO's to transpire and other blockchain projects to build upon the NEO protocol"
Meanwhile this would be the ban that solidified NEO's monopoly for Chinese ICOs to launch ...instead of rogue exchanges allowing ICO's to launch unregulated & dApp projects building on any protocol layer as quick as possible trying to run money-grab projects. Now the waters there have become more clear ...we see several projects exclusively launching on NEO's blockchain.
Going back to ICON ...something very similar is likely happening here. ICON want's their own country to be the designated one-stop source for dApp projects to launch from and be the conduit for ICOs moving forward. I encourage you all to join the ICON reddit page & community there to guage the sentiment / news / posts that both ICON & their community share there:
I'm seeing articles being posted about Coinone and Bithumb being visited by some tax people. I understand why people may be concerned, but I don't see how this really matters. The most important thing is the fact that their working product is launching this month. A working network with real users and business is where the real value is coming from. Not some fake spam traffic or another beta version but real live transactions and software. Not to mention they will have their own decentralized exchange. If anything, this is less competition. Scarcity in ability to obtain a product creates even higher demand for it.
TLDR; Regardless of an exchange ban, this doesn't change that Icon will revolutionize South Korea and that the token itself is still necessity for it to function. The coins value isn't from the exchange, but from people actually needing to use it. - by All_Hail_CC
TECHNICAL ANALYSIS ON ICON:
2hr chart time frame
We are close to the lows but not there yet. The bottom is very rarely just a one day event. The bottom is something the CULTIVATES. It's fleshed out and built over a series of metrics. There are 2 ways to get into ICON at this stage.
#1 ACCUMULATE TRANCHE PERCENTAGES OF YOUR DESIGNATED ICON CAPITAL AT THE FOLLOWING FIBONACCI RETRACEMENT LEVELS:
Accumulate some at the levels define in the above chart. Notice the colored areas highlighted in the above chart. For example...you could set 3 orders to buy:
25% buy order @ the 38.2% FIB which is around 68,000k satoshis
25% buy order @ the 50% FIB which is around 62,000 satoshis
50% buy order @ the 61.8% FIB which is around 58,000 satoshis
This is the Fibonacci retracement zone based on Fibonancci analysis. We've discussed & used this many times before as it's a core part of how we gauge where price is likely to retrace to. NOTE* This does not just mean buy blindly at these levels. Price can always go lower. These are just levels to give you a gauge of where price is likely to pullback to based on the statistical probability of what we most commonly see. We are just outlining that this is one strategy to consider to start accumulating based on the the zones highlighted
In short. Fibonacci analysis is predicated on the mathematical probability that price tends to always snap back to after a prolonged rally. Say for example, a stock ran from $50 to $100 per share/coin ...then starts to putter out....then a 50% retracement would bring the stock/coin back down to the $75 level. This is useful when you're gauging to identify where price might retract to. The most common levels ...and mind you they are identified as these levels for a reason are: 32.8%, 50%, & 61.8. Why? Because we see these numbers oddly in nature and mirror itself even in charts. Crypto is more aggressive and it's not uncommon to see full on 100% retracements.
That's why we're not too eager to add more ICON here just yet. We sold 50% of our position yesterday morning before the blood bath as there were some topping signals. If you were lucky enough to reload in the areas we defined in yesterdays post then those were good entries. For us right now...we are going to wait for further confirmation before adding exposure. That leads us to the 2nd way to buy ICON
#2 BUY BASED ON BOTTOMING PATTERN & CONFIRMATION OF PRICE REVERSAL & BULLISH SIGNALS.
In conjunction with Fib analysis is the layering further technical indicators to further confirm that price is about to reverse and that a proper bottom is fleshed out. Here in the above chart we want to see the following:
→ we want to see a bullish crossover on the MACD indicator which is circled in the yellow highlight.
→ we want to see the BotTrigger buy/sell trend signal flip GREEN on this 2hr time frame. Notice where it turned red? Now take notice of the very first correction the the very left of the chart...notice where it flipped red and where it flipped green again. Luckily, yesterday morning...we were able to front run this signal and sell/reduce much higher when both the 30min chart & 1hr chart showed a sell signal. This BT buy/sell signal works great after prolonged rallie. It's very reliable....however more erratic during consolidation periods as you can see in the above chart.
→ we want to see sufficient FIB levels being hit ...notice that most of the FRZ zone was actually already hit yesterday. We have a few long candle whicks that show that most of the FRZ (Fibonacci Retracment Zone" was already hit. However...we're still going to wait for the above indicators to materialize.
Right now, ICON is bearish on the near term time frame, neutral to bearish on the intermediate term time frame, and bullish on the primary term time frame. However, this is not an absolute play ....we may nibble some long again if we get deep enough in price or we see strong bullish price action annihilate this downtrend....then we will be forced to buy back in. Again so the plan right now is to either:
wait for lower
wait for bottoming pattern + bullish signals
or wait for a bullish breakout that negates the downtrend.
We will call it when we see it and alert our Members via mobile & email alerts. Stay tuned and ready.
Do not lose sight of the very real possibility that ICON will very likely be trading well over $50 by summer. Our aggressive target is $100 by years end if not early 2019. .
Again...laser this image of NEO in your head:
As a bonus for your viewing pleasure....our next major accumulation will be WANCHAIN which will be released most likely on Binance in late January.
Think of Wanchain is hybrid version of Bitcoin, Monero the privacy coin king & Ripple the banking financial coin. Wanchain is all of that and more. Wanchains alliance with ICON & AION will only further propel all 3 of these much higher from where they are today. Of the the 3 in the alliance, our top 2 gems are witout question ICON & Wanchain. We will do a separate post covering more on Wanchain for now, I encourage you all to learn more about Wanchain here:
https://medium.com/@nabeelmalik/why-i-think-wanchain-is-an-incredible-long-term-investment-86b9d0d6eb6c