ICP/BTC 1D Chart. From the listing of BTC pair on Binance the price has dumped 97,15% as for now. The current low is 0.000196BTC per ICP. Think about the number 3 zeros and 196(which is 16). This is for those, who understand the meaning of these numbers. They are not coincident i suppose...
Okay, so in summer of 2021 there was an attempt to stop the dump of the price and start the accumulation. At this point a range was formed of about 110%. In october of 2021 this range was broken down. Almost since then - since september of 2021 the price has been forming the descending channel. Now the price is on the lower boundary of this channel. also the support of mentioned consolidation is now a resistance for the price.
Inside the descending channel formed a bullish wedge. Price is now near the support of this wedge. Slowly the volatility becomes lower... At the last drop of the price we saw a huge "buying" volume coming in. Price didn't hold on for a long below the previous low.
Looking at RSI(Relative Strength Index) we see a symmetrical triangle formed. This triangle was broken down, but now RSI is back into it. An important zone near the resistance of this triangle. Also using this indicator we can see bullish divergence globally formed and locally formed bullish divergence. If we break the resistance of this triangle and approve it - it's a bullish sign.
Also if the price breaks out of the falling wedge - we can see a move towards the upper boundary of the descending channel. If we come to this resistance there's a chance of breaking it. In case of breaking the descending channel the secondary down trend will be broken and we can see a move towards the resistance of previous consolidation at 0.000940(which is 13).
If we break and approve this resistance - the next potential targets are shown on the chart. The potential is huge if it happens.
Also you should take into consideration the idea of the project(the internet computer) and the situation that is happening now in the world. These things could probably be connected. Also notice that this is BTC pair and the raise in price of it also includes the volatility and price change on BTC.
Okay, so in summer of 2021 there was an attempt to stop the dump of the price and start the accumulation. At this point a range was formed of about 110%. In october of 2021 this range was broken down. Almost since then - since september of 2021 the price has been forming the descending channel. Now the price is on the lower boundary of this channel. also the support of mentioned consolidation is now a resistance for the price.
Inside the descending channel formed a bullish wedge. Price is now near the support of this wedge. Slowly the volatility becomes lower... At the last drop of the price we saw a huge "buying" volume coming in. Price didn't hold on for a long below the previous low.
Looking at RSI(Relative Strength Index) we see a symmetrical triangle formed. This triangle was broken down, but now RSI is back into it. An important zone near the resistance of this triangle. Also using this indicator we can see bullish divergence globally formed and locally formed bullish divergence. If we break the resistance of this triangle and approve it - it's a bullish sign.
Also if the price breaks out of the falling wedge - we can see a move towards the upper boundary of the descending channel. If we come to this resistance there's a chance of breaking it. In case of breaking the descending channel the secondary down trend will be broken and we can see a move towards the resistance of previous consolidation at 0.000940(which is 13).
If we break and approve this resistance - the next potential targets are shown on the chart. The potential is huge if it happens.
Also you should take into consideration the idea of the project(the internet computer) and the situation that is happening now in the world. These things could probably be connected. Also notice that this is BTC pair and the raise in price of it also includes the volatility and price change on BTC.
