So Guys, we have today for you another interesting project. This project has Koreanian roots. It resembles a bit ONT. They aim to create global network of many blockchains, both private and public to cooperate with each other. By saying this they mean connecting different institutions such as banks, insurance companies, hospitals and universities. They also aim to create digitial, safe identity in order to enable individual to move smoothly in such diversed ecosystem.
Example: You had a car accident. You were hospitalized for 3 days. You want to claim to the insurance company. All your sensitive data are stored on blockchain – only you have access to them including all medical data. You give access to them to your doctor in order to write the whole history of the treatment. OK what next? You give temporary access to treatment history to that insurance company. They check compliance. They approve. Once approved you will get your money automatically. It can be ex. 2000 ICON which can be spent on other services in the ecosystem or they can be simply withdrawn. A transparent governance system and artificial intelligence (AI) guided incentive system is at the core of ICON’s sustainable network. Through the mutual trust earned with their system, C-Reps and Nodes will actively contribute to the ICON community.
These are the basics regarding idea of this enterprise. We personally find it very interesting because this is totally new point of view.
They of course provide smart contracts and real-time payments. They will make us possible to start with ICO. They will also launch on 30.06 decentralized exchange.
They managed to built large team – 60 persons including engineers and advisors. They have a 5 divisions: Advisors, Foundation Council, Technology, Business, AI Department, Design/Communication/Security.
They are listed on many exchanges such as Binance, OKEX, Bithumb.
Getting back to the chart:
We are very low at the Fibonacci scale (Fib. extention)
We bounced off many times from the level marked on red – around 3000 satoshi – it is happening right now
We observed fully finished Elliot wave cycle. New one is expected.
Most probably we have double bottom shape forming which is a bullish signal.
MACD positive convergence
Weis Wave – a bit of demand has shown up. Awaiting for more.
Gann’s fann - crossed 2/1 for a while but another solid crossing needed – observe
From your words to gods ears.
However I believe it's too early.
Good analysis
bassliner
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I suggest you re-read the Elliot wave guidelines, my friend, Unfortunately, the count you have here is not valid as per the ruleset
The ruleset states a corrective wave set (in your case here what would be the 2 wave of the larger degree) cannot retrace 100%( or more) of the initial impulsive structure (your waves marked 1 to 5 ) thus making the count invalid, especially as you also point out a "double bottom" occurred giving further argument that the retracement was 100% to create the double bottom
WBM_Team
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@bassliner, it reflects behaviour of people. It is not alligned perfectly with the theory.
bassliner
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@WBM_Team, WHICH IS EXACTLY WHAT A MARKET IS FEAR AND GREED!! Elliot wave has a ruleset for the same reason all rules are in place once you break those rules you end up in deep water exactly like in this example once price retraced 100% ruleset broken and price sells off, If the ruleset was followed you wouldnt have been entering a trade that you was already on the bad side of from the start if the correct count was in place,
remember in all markets the rule number one of trading is capital preservation especially in a bear market
capochavy2
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do you think it will double before mainnet launch?
WBM_Team
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@capochavy2, usually it happens when such milestone is reached but is all depends on the market and BTC... If BTC goes up ICON will go even higher...
However I believe it's too early.
Good analysis