I’d put ICP a tier or two below XRP or LINK in regard to trade setups at the moment. Funny thing: ICP is apparently a very strong cryptocurrency project with strong fundamentals. This is another example of why Fundamentals and Financials don’t matter in Crypto as ICP has performed like utter crap this market cycle.
But…! A trade setup is still valid so long as the bear market low (Red Line) holds at $2.83.
The trade idea is that ICP is trading in an ABC Correction with Wave B in yellow finished or close to finishing. Wave C in Yellow should take ICP to either the 1:1 extension at $30.99 or the 1:1.618 extension at $106.80. Given how crap ICP has performed this market cycle, I don’t really have high hopes for $106.80, but anything can happen in cryptocurrency.
In the short term, IDEALLY ICP doesn’t break below the support area between $4.34 - $6.08. The current rally off the local low set on April 7th 2025 is limp and unconvincing hence this is a low confidence high risk high reward trade. Personally, I own far less ICP compared to BTC/LINK/XRP.
But…! A trade setup is still valid so long as the bear market low (Red Line) holds at $2.83.
The trade idea is that ICP is trading in an ABC Correction with Wave B in yellow finished or close to finishing. Wave C in Yellow should take ICP to either the 1:1 extension at $30.99 or the 1:1.618 extension at $106.80. Given how crap ICP has performed this market cycle, I don’t really have high hopes for $106.80, but anything can happen in cryptocurrency.
In the short term, IDEALLY ICP doesn’t break below the support area between $4.34 - $6.08. The current rally off the local low set on April 7th 2025 is limp and unconvincing hence this is a low confidence high risk high reward trade. Personally, I own far less ICP compared to BTC/LINK/XRP.
Trade active
Here's some hopium: Truth be told the money flow looks awful on Market Cipher B. But everytime ICP has printed a weekly bottom signal (Shown by the Orange Circles) on Market Cipher B, ICP has had a significant rally.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.