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Peter Oleshchuk
May 16, 2022
by Peter Oleshchuk

ICP Technical Analysis: Is It Finally Going to Hit The Bottom?

ICP

Table of contents

  1. Technical analysis Of ICP On The Daily Timeframe
  2. ICPBTC Price Continues To Fall Steadily
Hoping for a miracle is the worst thing that can happen when trading in the cryptocurrency market. Miracles are very rare, and in the case of ICP cryptocurrency - very rare. In our previous analysis, we wrote about the importance of the $14 mark and the total hopelessness in the ICP market. Unfortunately, our forecast came true and the ICP price broke the global mark of $14. Sellers managed to exceed our target of $10, lowering the price to $6. The fall was at high volumes and buyers have already managed to raise the ICP price to around $10.

ICP

The ICP price continues to trade in a global downward trend. Thanks to the trading week on 9 May, sellers tested the bottom trend line of this channel. At the time of writing, the price is preparing to ram the local bottom and the price bounces up. The first target of buyers over the next two weeks is $12 test. It is in the $7-$9 range that a new consolidation can begin to recruit buyers. If such a scenario is realized, we will expect continued growth to $15. This mark should reflect the decisive battle for the downward trend. If buyers can break the $14 mark, you can look at the ICP cryptocurrency to buy.

Technical analysis Of ICP On The Daily Timeframe

TradingView Chart

Analyzing the movement of ICP price on the daily timeframe, you can see the culmination of sales, which took place on 11-12 May. These days, trading volumes were the highest among the whole fall wave of ICP price. The main critical point is in the range of $7. In this range, you can try to buy ICP with a stop order in order to catch the growth wave up to $14. The ratio of potential profit to potential loss in this case is almost 5 to 1.

Given the location of the price on the chart, the trading volumes and the candle pattern - this is a pretty good potential deal. In case of breaking the $7 mark, a new unforgettable journey through the depths of the ICP awaits us. The historical high update will be highly probable.

ICPBTC Price Continues To Fall Steadily

TradingView Chart

What can be said positively looking at the ICPBTC price chart? The weekly candle of 9 May closed with a big pin down, stopping at a strong Fibonacci level. This makes it possible to predict at least a minimal rebound in the ICPBTC price to 0.000369. Also on the positive side, we can highlight the trading volumes that have increased. A fall of the ICP price at high compresses significantly increases the chance of a potential reversal than a volumeless fall. Given the dominance of the USDT - the current fall in the crypto market could be the last before the formation of a new growth wave. Well, all that remains is to wait for signals to confirm this hypothesis.

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ICP Technical Analysis: Is It Finally Going to Hit The Bottom?
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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