Cyrator’s current micro reviews highlight well why ICP is a project which has solid fundamentals, however in this review I aim to shed light on the potential intriguing storey its current price action and technical aspects are telling me.
Despite pretty much a 99% plummet in price and a persistent downward trajectory since its launch, there lies an intriguing prospect within its current chart dynamics. As I have mentioned before, sometimes the most unattractive charts have a history of unveiling the most bountiful opportunities and this may appear to be the case here.
When I go to the weekly chart I envision the possibility that ICP is concluding a phase B within the framework of a classic Wyckoff accumulation pattern. IF price breaches its current low at $3.33 to put in a 'spring' and subsequently reclaims this level via either a swing failure pattern or a failed auction type move acting as the 'test', this would signal a very strong 5* buying opportunity for myself.
This setup would have a clear invalidation situated beneath the low that would be put in on the spring move, serving as a safeguard for stop-loss placements, and I would then be looking to potentially yield a several hundred percentage move from its sign of strength and subsequent break out.
A noteworthy fact is that its previous all-time high remains a staggering 13,000% away. While such a target will definitely not be my primary focus, it is usually the case that accumulation patterns which have been built up over a long period of time tend to generate substantial gains so I would not be selling all of my position too early.
4 months later….. phase D is now complete. (See new updated chart below)
What an accumulation pattern this was.
Could not have played out anymore perfectly.
A lovely failed auction under $3.33 and once price reclaimed this level it, continually grinded up creating beautiful local bullish market structure for a bit until now where the party is really starting to get going.
250% gains and counting from the test entry.
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