Internet Computer (ICP) 50% crash incoming....

Nov 2

On the above chart price action has been trading sideways since June. Recent developments suggest a bearish outlook. They include:

1) Price action and RSI support breakdowns.

2) Trend reversal confirmation with double top print.

3) Rising wedge confirmation with 50% correction forecast to $4 area.

Is it possible this is all gibberish and fundamentals don’t care for Technical Analysis? Sure.
Is it probable price action will correct as forecast? Very likely.

Ww

Nov 18

Trade closed: stop reached

Ha! That got stopped out rather quickly. Price action cannot enter the wedge and remain bearish.
Rules are rules.

Except $12 to offer resistance, it was the broken market structure level.
If it breaks, then you've got a flag pattern forming. Ask me to study at that point.

Nov 25

Note

Request on the last update for $12.

Price action is now AT market structure, it is not *confirmed* as broken. This is a resistance test.

On the 5 day chart below you are looking for a candle body to close above market structure. Not through it, above it.

That day is December 1st. If that happens, ask me below to update the idea.