TA: ICP has just broke out of it’s accumulation area, and broke significant structure. The movement is now seeing a retracement, which is measured with the fib. This is giving us a great opportunity to average into ICP during this pullback, in anticipation of continuation.
FA: ICP had the most impressive launch in crypto history IMO. Their launch into the public crypto markets shot ICP into the top 10 of crypto market cap. The initial investors obviously sold into the hype and profitted tremendously. We have now seen the market find it’s fair value for ICP and found the bottom. The technicals are clear, and there is MAJOR money behind this project.
The Dfinity foundation is a very powerful organization and has ties to major institutions. Their vision is quite ambitious, and they seek to create the blockchain singularity. To break their product down to easier to understand terms, it is a smart contract platform. Ethereum is the most popular smart contract platform. To use ICP you need to provide a digital identity. This gives me very matrix like vibes and this project’s official title is called The Internet Computer.
Follow the money 😉