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okay today we're going to be talking
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about ICP internet computer protocol but
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before I get into that first of all I
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want to apologize for any kind of
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building work that you hear there's some
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construction happening in the apartment
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above me there's also some construction
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happening over in the apartment to the
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right of me so it's a little bit loud
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but I do apologize if anything comes
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through the microphone and it's a little
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bit hard to understand what I'm talking
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about from the technical analysis
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standpoint there's unfortunately nothing
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I can do about it at the moment so we're
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just going to have to kind of get
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through this one together so to today
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we're going to be taking a look at the
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technical analysis on ICP taking a look
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at the daily and maybe weekly time
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frames sharing my thoughts and opinions
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as to what I think is the kind of great
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areas for dollar cost averaging building
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out those positions and where I think
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the price action is heading in the kind
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of medium to longer term as I get into
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today's video If you do find it useful
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and informative smash that like button
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if you're new to the channel subscribe
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and let's take a look at what's going on
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with ICP so here we have ICP paired up
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with usdt we are on the one day uh
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binance chart here and we've seen a very
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choppy market right so on this daily
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time frame we are in lower highs as we
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kind of zoom out here but higher lows
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okay so we're kind of wedging ourselves
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into an interesting pattern now the
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issue with this is it is a bit of a
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continuation pattern I'm going to go
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ahead and draw this trend line in here
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so you can kind of see uh visually what
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I'm talking about um a continuation
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pattern is unfortunately a bearish place
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to be okay I'm going to draw that in
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there so you can kind of see it looking
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like this now what this means
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unfortunately is that well continuation
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pattern itself if I find some empty
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space to kind of just show you guys
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continuation pattern is actually both
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bullish and bearish right so if I draw
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this in uh just here you have this kind
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of triangle pattern okay and now
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obviously there's different types of
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continuation patterns they can be just
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ranging in between highs and lows and
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there like support resistance I'm just
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for this example I'm going to draw this
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because that's what we see going on now
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if you are rallying up and then you
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start to see this pattern as the
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continuation pattern you're going to
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break to the upside afterwards okay and
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it's going to be a bullish breakout
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situation now if you of course do this
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the other way around where you're
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crashing down and then you kind of see
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this sideways kind of continuation
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pattern well you're going to be breaking
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down from it okay so those are the two
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different directions that you can see
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these kinds playing out so it's
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important to understand that where you
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currently sit is quite important what
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happened here was a move to the downside
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we find the continuation pattern and
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therefore the break to the downside is
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the most probable so you can see we come
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down we go through the continuation
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pattern and then we look to break down
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again okay now the depth of that is
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quite a scary thing for ICP but is it
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really the end of the world I don't
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believe it is so the be most bearish
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case scenario is that you're completely
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dropping down into new bare Market lows
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and I don't think that's highly probable
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okay taking into consideration the March
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2024 High into this kind of corrective
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pattern to the downside I actually
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suspect we're going to find support down
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at this range between the
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$426 and
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$49 uh five I think or 9 98 sorry. five
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and so that's going to be the area that
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I'm looking for if we lose that the next
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key area of support would be down at 357
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to 368 okay so I look at this and I say
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to myself okay well what is the most
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probable scenario well the most probable
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scenario for ICP here is to see
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continued resistance uh and we at the
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moment at the point of recording today's
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video we can see here that we did get a
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Clos position lower than the 50 EMA
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yesterday and we're looking to see
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whether or not that's going to basically
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confirm closure uh confirm bearish state
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of play there as well on the daily time
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frame here and today so we're mindful
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over these kind of most recent movements
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uh we are of course lower than the 200
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EMA and that's the basic Trend filter so
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when you're above it you're bullish when
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you're lower than it you're bearish and
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so we are of course seeing this
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suppression so it does to me look like
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we are going to consider consolidate a
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bit more and then break on down now the
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Federal Reserve interest rate decision
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is tomorrow that's going to see extreme
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volatility in the market and the
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Market's been trying to price in what
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they think's going to happen and well if
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they don't get it right expect knee-jerk
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reactions in the market typically we do
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find relief rallies into these things
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and that's kind of what we've seen over
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the last few days although the market
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has started to take a bit of a turn uh
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so we had a bit of a push to the upside
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and we start to see this move to the
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downside at the moment so for CP here
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I'm saying that we are likely to see a
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lower low than what we were in July um
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and I do think we are going to come down
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uh towards that kind of
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$429 okay that's going to be the area of
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interest for me there's obviously this
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previous area lower uh which we can talk
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about if the price action does of course
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lose these current support levels um
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from our momentum we are already
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correcting down quite nicely here on the
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daily time frame but there's still a
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long way to go so we're not really there
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yet okay so we can see this thing kind
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of coming down quite a bit but it
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doesn't have to go all that far like I
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say $429 seems like a pretty decent
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place to be uh with that potential of
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maybe any Falling Towards $5 okay now if
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I bring up the stochastic RSI here and
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then actually turn that off and bring on
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the Divergence indicator you can see the
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relative strength index is trying to
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find support here on the 50 level
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currently at the point of recording we
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are at 50.4 anything above 50 is bullish
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anything low than 50 is bearish from our
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kind of momentum perspective as it
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stands we are neither bullish or bearish
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in my opinion the market is trying to
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decide and Bitcoin unfortunately has
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been obviously being negative negative
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at the moment but I do expect there's
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going to be a relief rally for Bitcoin
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which potentially will affect altcoins
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like ICP as well so turn that off bring
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the volumes in uh you can see here the
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volume profiles as we're kind of moving
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down here are also quite undecided uh
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you can see there's a little bit of
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green a little bit of red volumes are
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decreasing uh since we kind of got that
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initial kind of sell off on Wednesday
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the
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11th um you can kind of see that in
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there if I zoom out in Far Enough though
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you can really see that the volumes are
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quite low in comparison to where they
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were back in
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2023 so uh there's not a huge amount of
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activity I don't think there's going to
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be a mass sell-off event um for ICP uh
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and likewise there is selling pressure
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there I don't think there's going to be
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demand to soak it up just straight away
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either so be aware that you're going to
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see some extreme volatility as the
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market Market tries to stabilize the
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kind of supply and demand imbalance um
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but overall uh I'm still confident that
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um ICP is going to do well in the future
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so if we zoom out far enough we can see
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that this is just a part of a wave two
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uh and of course anything lower than
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$482.92
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[Music]
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we could potentially be right in that
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kind of key area for accumulation right
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which essentially I'm going to draw on
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here it's quite a broad area and but
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it's going to come in between the
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$451 and $762 that's going to be your
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area for accumulation in my opinion and
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that's kind of where we've seen the
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price come down to and Rally from so far
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okay so even this low range is going to
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be right inside that typical kind of
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Wave 2 area from there we are going to
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be looking for a bit of a run uh
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anything above $110 is going to be our
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impulsive trigger point I've been
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through this before uh we are going to
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be looking for $110 but there are some
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key areas of resistances that are going
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to be concerned this first area up here
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in the future between $19 and $27 we've
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actually already tapped this back in
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March of 2024 that's why we were res
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finding resistance here in this previous
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area of support resistance and so we've
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already kind of gone in here we need to
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see price action close above so we're
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looking for anything above 27 point 49
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uh to basically be a great place for ICP
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to really then start running up a little
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bit further 31.9 to 51.9 is our typical
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kind of zigzag pattern so that's going
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to be the first area where we really
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really really want to see a Clos
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position or Wick to be fair a wick would
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do it above 51.1 n if we can do that
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it's going to give us confidence to head
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out towards 10 $110 right $110 means
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that we're going to be looking for a
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small retracement before we finally get
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into that fifth wave move where we have
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that potential to be talking about maybe
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$175 to $200 for icp's Price action so
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there's a lot of potential here okay
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specifically if we do come down towards
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these kind of low ranges let's
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hypothetically say the price action does
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drop down towards that kind of
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49.98196 position and if we are able to
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kind of move up more towards that kind
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of $200 level well all of a sudden we're
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talking about 3,900 that's a 39x so
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there's some huge potential to be
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accumulating at these lower areas of
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course obviously the kind of lower
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ranges aren't going to be as lucrative
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so for example if we were only to move
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to $31 it's a 500 um you know a 500%
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move so a 5x if we were to move up
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towards the kind of $51 it just short of
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a 10x position so I do think even on the
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most concern conservative Target ranges
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with still a good 5 to 10x potential in
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ICP but we hope for bigger breakouts
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towards the kind of $110 or even the
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kind of $200 level where that's where we
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see kind of the maximum kind of you know
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percentage and X's found for ICP in my
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opinion but what do you think where do
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you think ICP could go in this next
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upcoming bullish Market let me know in
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the comments down below or join us in
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our free Discord server we would love to
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hear from you guys smash that like
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button if you're new subscribe and check
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out this video right here it's not one
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you're going to want to miss
