ICX - Approaching Catalyst (ICXBTC)With Icon, there's a lot to be excited about in the near-future and if you don't know what I am talking about re: see Mainnet Launch + ICON Annual Summit + Release Candidate. However, what I have been watching closely is the ICXBTC resilience in face of this devastating crypto-wide sell-off over the last week. It has ran approximately ~40% since the lows of last morning, effectively putting it on par with XRPBTC, NEOBTC and VENBTC as far as recoveries go. This simple fact speaks volumes about the excitement behind the coin and the impending launch of Mainnet, everyone seems to be hoarding at the very least, and HODLing in moments of extreme panic. To further this point, look at the steadiness of the MFI line over the course of the few days -- it was actually ascending while the MFI of other coins were falling as people were jumping to USDT and BTCUSD.
Strikingly, in my opinion a comparison can be made between the last few candles all the way to the right on the 6HR chart and what we saw back on January 6th, please see all of the orange bubbles for what I will be referencing here. Prior to the run of +89% beginning on January 6th, ICXBTC was trading sideways, and there appears to be a quite a few more characteristics compared to what we are seeing now:
** Rising MFI
** Widening Slow Stoch approaching the overbought zone
** A break of the MACD from the oversold position
** Conforming moving averages, cross of the 7 sma and 14 sma and a price breakthrough of the 21 ma
I put a few targets on the right hand side of in the distance, but don't hold me to those. However, what you can hold me to is that I excited for this pump and that I am expecting a similar move in the near-future to what we saw in the first week of January. Please hope that BTCUSD participates and behaves during the ICXBTC.
Cheers to gains!
