Crypto Contest June 28: Iconomi
Iconomi has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Iconomi began a wave one advance on June 6. The wave one finished on June 9, and the wave two correction ended on June 11. The wave three advance finished on June 22, and the wave four correction ended on June 26. If this wave count is correct, Iconomi should be heading next towards the June 22 peak in the wave five.
(Chart courtesy of Tradingview.com)
Looking at the daily chart, I believe Iconomi is currently in the wave three (sub-wave v).
(Chart courtesy of Tradingview.com)
In the weekly chart, Iconomi is most likely in the wave three (sub-wave iii).
(Chart courtesy of Tradingview.com)
If you think this analysis is correct, upvote this post and upvote the comment "Iconomi will takeout the June 22 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Iconomi will drop below the June 11 low".
If you think Iconomi is in a range, upvote this post and upvote the comment "Iconomi will stay in a trading range between the June 11 low and the June 22 peak until July 28".
You can upvote the comment until 3 PM EST June 29 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first). Only participants with a Reputation of 35 or more will qualify in the contest.
Iconomi will takeout the June 22 peak (26 voters as of 3 PM EST June 29: bleujay, coinmaker, otisbrown, gregory-f, simonjay, soundmoney, ikilledcobain (did not vote main post), lydon.sipe, acid78, komischername, damla, cryptocrusaders, abh12345, skririm, starline, themovieplace, eirik, kooshikoo, ragnaros, mprgrmmr, me-do, wolfofcrypto, jznsamuel, miniature-tiger, normak, rhino).
Iconomi will stay in a trading range between the June 11 low and the June 22 peak until July 28 (11 voters as of 3 PM EST June 29: twinner, me-tarzan, freiheit50, catena, thatsweeneyguy, avarice, andy23, coolthings, imvictus, spassvogel, andrejj97).
You won.
From my (admittedly limited) research ICN (like Numeraire) is another token where there are (vaguely) defined revenue streams. From these you can come up with a valuation range for the token (or at least have an idea of the implicit assumptions in the market cap). It's much more of an equity investment than a cryptocurrency. It's the equivalent of buying shares in an asset manager (although clearly it's not an equity investment from a regulatory perspective and there are regulatory risks).
At this point the company is small (Q1 revenue of $50k, Q1 expenses of -$500k) but with a large market cap ($370,000k). For the expenses they have a fund from the ICO which should cover the costs for a while. Success will depend on whether they can attract funds to manage from which they take (pretty large) fees.
In the short term the investment platform is rumoured (on reddit) to be going live at the start of August. The news surrounding this is likely to be the major influence on price over July. My guess is an announcement and a bump.
Thank you again miniature-tiger for a very valuable comment.
No worries! Your contest gives me an incentive to check where these things are at. Appreciated.
Iconomi will takeout the June 22 peak.
Iconomi will drop below the June 11 low (3 voters as of 3 PM EST June 29: mirda, lig007, sevinwilson).
Iconomi will takeout the June 22 peak.
Iconomi will take out the June 22 peak
Can you recommend any free courses teaching technical analysis? How did you learn it?
I haven't taken any courses. I have just followed other people's work and tried to learn from it. It has been a long process (and still is).
Which people's work?
You can find them at Twitter or Tradingview.
This post has been ranked within the top 80 most undervalued posts in the first half of Jun 28. We estimate that this post is undervalued by $25.98 as compared to a scenario in which every voter had an equal say.
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Iconomi will takeout the June 22 peak :)