The cryptocurrency gods have not been favorable to ICP holders with ICP still down over 99.8% from its all time high!
From an Elliott Wave Theory perspective, the trade setup is that ICP has formed an impulse (White Circle Wave A) off the 2023 Bear Market Low, followed by a 3 Wave ABC correction (Green) potentially bottoming at the white 1:1 trend based fib extension at $4.34. A common target for an ABC Correction is the 1:1 trend based fib extension. Taking a 1:1 trend based fib extension to measure White Circle Wave C, we get a potential bull market top at $31.
From an Elliott Wave Theory perspective, the trade setup is that ICP has formed an impulse (White Circle Wave A) off the 2023 Bear Market Low, followed by a 3 Wave ABC correction (Green) potentially bottoming at the white 1:1 trend based fib extension at $4.34. A common target for an ABC Correction is the 1:1 trend based fib extension. Taking a 1:1 trend based fib extension to measure White Circle Wave C, we get a potential bull market top at $31.
Note
Zooming in, we can see that ICP has crossed a fibbonaci ring indicating that volatility is on the horizon for ICP. We also formed a 2 Day Bullish Hammer.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.