ICP COIN - Internet Computer Elliott Wave Technical Analysis

Introduction

Hello everyone, and welcome to another update on ICP (Internet Computer Protocol). As we observe the current price action, the ICP coin is still caught in a sideways range, showing a continual up-and-down movement. In our previous video, I shared an updated support zone relevant to this pullback, which could correspond to either wave B or support for wave 1. We were keenly watching for reactions and possible bounces in wave two.

Currently, the market sentiment suggests that we could easily break in either direction. There has not been any meaningful five-wave pattern formed to the upside, which hinders ruling out the potential for one more low in price. Notably, the price movements have primarily been corrective patterns, and as long as we stay below the resistance level of 956, the yellow scenario indicating another low, potentially testing levels of 437 or 357, remains highly probable.

Earlier today on Discord, I mentioned that we might have locally bottomed in this support region. Specifically, I believe that at least yellow wave 2 is unfolding. While it appears somewhat large for a direct move down, this wave 2 in yellow would represent a corrective rally preceding another downward move. The relevant resistance area for the yellow wave 2 lies between 890 and 956, and we are starting to see some momentum build within this range.

If the price continues as a wave two corrective rally, we can expect a three-wave move upwards. The significant resistance is established between 891 and 956, where we should anticipate a reaction. If we manage to break above this resistance, it could shift the probabilities towards the white scenario, indicating we would be moving up in wave C of the third wave, resulting in a five-wave pattern to the upside. This situation pertains to wave C, following the previous peak around the 27th to 28th of September.

In terms of preferred counts, it’s essential to note that probabilities are balanced; therefore, we need to analyze this on a level-by-level basis. Since the price structure has been stagnant since July, it’s crucial to be meticulous in our assessment.

Several support areas were established, and I will remove them from the chart if they are no longer relevant. Even amidst the chop, we can utilize Fibonacci levels as trading areas to observe potential price movements. Below the level of 690, the likelihood of the yellow count to the downside will increase. Conversely, a break above 956 would favor the white count. Thus, the 956 level serves as a pivotal point between these two counts.

If we increment the wave degree by one for clarity, we should ideally see an ABC structure unfold within wave two. Currently, I assess that we are experiencing a more probable five-wave move down, so I'm closely watching for reactions in the resistance area around 956. A decisive break above this level would shift my preference towards the white count; however, it is essential to note that this count does not hold high confidence. Thus, we must remain prepared for changes in the market.

That sums up the current state of ICP. I hope you found this analysis informative. If you enjoyed the content, please hit the like button, leave a comment, and subscribe. For further insights, consider joining our channel membership, and don't forget to follow us on Instagram and Twitter for additional updates. Thank you for watching!

Keywords

ICP, Internet Computer Protocol, Elliott Wave, Technical Analysis, Price Prediction, Support Zone, Resistance Level, Wave B, Wave 1, Wave 2, Fibonacci Levels, Price Action, Market Sentiment.

FAQ

1. What is the current trend for ICP?
The current trend for ICP shows a sideways movement, exhibiting up-and-down price fluctuations without forming a strong upward wave pattern.

2. What levels are critical for ICP's price action?
The critical levels for ICP are a support level around 690 and a resistance level near 956. These levels will significantly influence future price movements.

3. What can we expect if ICP breaks above 956?
If ICP breaks convincingly above 956, it would shift probabilities towards an upward movement in wave C of the third wave, forming a five-wave pattern to the upside.

4. What does wave two represent in this analysis?
Wave two represents a corrective rally and is crucial for determining the next steps after a potential downward movement.

5. Why is there uncertainty in the current analysis?
The current analysis has a balanced set of probabilities, and market conditions since July have created a lack of clear direction, thus warranting caution and level-by-level analysis.