Again, very simple chart with an obvious trend. ICN breaking out after a long down trend. This is a project well worth studying the fundamentals, and critically has not been visited by the P&D gangs meaning less hype more value. Essentially, ICN is an ETH based project where ICN is used as a representative token for the whole project where ICN manage their own fund and burn ICN tokens on the basis of profits made through their Pinta Digital Asset Array Managed Fund. In addition to this, they also host other DAA managed funds where companies such as Columbus Capital manage their own fund and where you can buy directly with ETH or BTC and where you can receive the funds native token back to your wallet. Further to this, Columbus Capital will be releasing the first blockchain stock on the Irish Stock exchange titled Blockchain.ONE which will in essence be a direct fiat gateway in to Crypto.
Surely this is worth a little bit of time on your part for due diligence? From this perspective, the fundamentals are there, a critical mass of DAA's are now opening, and ICN's Price to book ratio is as follows:
"Price to Book ratio for ICONOMI closes q4 at approximately 0.82 (lowest quarter ever). ICONOMI has more company owned assets than the total market cap of the company. The S&P 500 has a P/B ratio of 3.43 ."
Also to note that 500K to 1MM is entering ICN DAA's on a daily basis. Your call....
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Opening a short term trade here purely on the basis of an expected bullish 2017 Q4 report. For obvious reasons, ICONOMI's Q4 report will be extremely positive after the last three months bullrun. Other fundementals include a growing userbase, growing number of DAA's added to the platform, and with a million Euro entering the ICN system every day, there seems no good reason not to buy in anticipation of the Q4 report. Also further utility of the ICN token is also expected to be announced.
Awesome, I double up my stash of this a little before you posted thinking along the same lines but with no TA knowledge LOL. Just looking at it being a strong coin with strong fundamental value; and where its been and theres no foreseeable reason for it to go down.
Rotox
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@soheild, Hopefully, but the usual crypto risks apply, either through an alt coin bleed while BTC becomes dominant, or a severe shock to BTC pulling everything down. But if your strategy accounts for these things, and your willing to hold tight...this looks great over the long term.
Doktav
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@Rotox, how long is "long term" here? 3 months? 6 months? 1 year?
Rotox
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@Doktav, A year in my own mind, but realistically when the BTC bull run ends which could be tomorrow or a few years time. Traditionally BTC bull runs have ended with a 66% drop followed by a substantial dead cat bounce back up to 85 to 90% of the ATH, that is my exit signal. Ideally all traders should have an exit strategy, some take profit at a target and don't look back, others such as myself try to hang on until the last which is far riskier but also has higher potential reward.
DPOWT
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@Rotox, yeah but the problem is how to identify where is "the until the last", any recommendation on this?
In any case, many thanks for sharing