ICP has been one of the most bearish tokens of the current cycle. After it's initial arrival on Binance, the token has been shorted to infinity and beyond.
During this period of huge selling pressure, ICP has been trading alongside a falling trend line, see dotted line.
The expectation that, in case of a relatively bullish BTC, ICP will break out of this trend. Ideally, ICP will break out with a huge >20% daily candle to confirm the bullish bias. My bullish scenario would be a $20 target within the next couple of weeks. ICP's gains can get very high due to the amount of shorts that have to cover in case of further bullish movements.
Be aware that ICP can easily bounce off said resistance and move back down. Keep a close eye on the overall market.
During this period of huge selling pressure, ICP has been trading alongside a falling trend line, see dotted line.
The expectation that, in case of a relatively bullish BTC, ICP will break out of this trend. Ideally, ICP will break out with a huge >20% daily candle to confirm the bullish bias. My bullish scenario would be a $20 target within the next couple of weeks. ICP's gains can get very high due to the amount of shorts that have to cover in case of further bullish movements.
Be aware that ICP can easily bounce off said resistance and move back down. Keep a close eye on the overall market.
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Idee correlate
