ICP looks set to break out somewhere in this area.
Since the bottom, price has completed a 1:1 ABC and now looks to be in a continuation pattern.
Notice the mini bull flag breakouts within the horizontal channel. Each one builds pressure. As Wyckoff described - they are "the cause." When price breaks out that will be "the effect" of pressure built and may well...
If ICP doesn't brake above the ristance, I see a bearmarket till next year!
My targets are then 10 dollars!
Everything depents on the big investors, if they are not willing to buy soon. Bearmarket it is.
Maybe they need to wait after court untill things are cleared out? And show some more usecases before big investors are willing to buy?
Time will prove, but I...
I know this chart looks absolutely ridiculous. On the other hand... we have seen numerous cryptos get listed on exchanges and do a full fib extension or more after bottoming out. Akita is a great example of this. Has ICP bottomed yet? There really is no telling. It will likely be dependent on whether the $28k-29k tap on BTC was the bottom of this recent...
The chart does not need any explanation. If you have questions, comment below.
Pennant breakout, final target 100%, length of the pole.
important resistance at the previous high of the last rally.
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Internet Computer is undoubtedly a scam, after launching on coinbase it dropped from around $650 to $26 within a month. The developer team sold billons of dollars worth relentlessly on the open market. With that being said it looks like a decent set up to go higher with tight stop below support level. COINBASE:ICPUSD