ICP is forming a somewhat WEAK BULLISH pattern.
It is at the bottom of the wedge again + doing a mini double bounce -- > both of these are bullish signs. But it's not enough to confirm a long term bullish trend.
If the coin does rise in price, the first level of resistance is the ORANGE line, where upon passing this, it has a high chance of going up.
Rejection:
The first proper and very strong resistance zone for it to get rejected at is exactly where both the FIB 2.618 and top of descending wedge meet. that would be around the $8.6 mark.
I doubt it will get there, and just be rejected $7.69 --> fib level.
Even if it breaks that, there is no guarantee of it going up because it's still lacking the volume.
My estimate is that it will get rejected at this spot and come down again ... if it even goes up to begin with.
It is at the bottom of the wedge again + doing a mini double bounce -- > both of these are bullish signs. But it's not enough to confirm a long term bullish trend.
If the coin does rise in price, the first level of resistance is the ORANGE line, where upon passing this, it has a high chance of going up.
Rejection:
The first proper and very strong resistance zone for it to get rejected at is exactly where both the FIB 2.618 and top of descending wedge meet. that would be around the $8.6 mark.
I doubt it will get there, and just be rejected $7.69 --> fib level.
Even if it breaks that, there is no guarantee of it going up because it's still lacking the volume.
My estimate is that it will get rejected at this spot and come down again ... if it even goes up to begin with.
Trade active:
New two week high, uptrend confirmed
