$ICP has one job this week, and I'm watching it: hold $2.55.
Search results this morning still talk about $4 and $6 rallies. The live tape says otherwise. $ICP closed October 20 at $2.92 and has drifted down to $2.65 since, and the last three days compressed into $2.55 to $2.69. Yesterday's dip to $2.547 drew heavier volume than the candles around it, then the tape climbed back to $2.666 by 23:00 and closed the 03:00 candle at $2.649. Sellers showed up at the low; buyers answered the same evening. That is compression, not a breakout story.
The risk I am not glossing over: $2.55 is a floor under a downtrend, not proof the downtrend ended. Lose it on a 4-hour close and the range resolves downward; clear $2.69 and the week-long slide finally has a counter-argument.
What would you need to see before calling this a bottom — a close above $2.69, or something else entirely?
Not financial advice. Do your own research.
$ICP #InternetComputer #CryptoMarkets #Altcoins
Search results this morning still talk about $4 and $6 rallies. The live tape says otherwise. $ICP closed October 20 at $2.92 and has drifted down to $2.65 since, and the last three days compressed into $2.55 to $2.69. Yesterday's dip to $2.547 drew heavier volume than the candles around it, then the tape climbed back to $2.666 by 23:00 and closed the 03:00 candle at $2.649. Sellers showed up at the low; buyers answered the same evening. That is compression, not a breakout story.
The risk I am not glossing over: $2.55 is a floor under a downtrend, not proof the downtrend ended. Lose it on a 4-hour close and the range resolves downward; clear $2.69 and the week-long slide finally has a counter-argument.
What would you need to see before calling this a bottom — a close above $2.69, or something else entirely?
Not financial advice. Do your own research.
$ICP #InternetComputer #CryptoMarkets #Altcoins
