ICP Short Term Structure is bearish
I have posted before about a scenario where we could see ICP hit $10 or less. That was used using a linear chart. But what if we plot it into a log chart.
As you can see, the short term chart is showing a clear descending triangle pattern. This is bearish. The measured breakdown would place ICP in high $15's which is confluent with the bottom of the descending channel it seems to be forming.
In my opinion the probability that we test the bottom of the channel is much higher than a bullish breakout but this is crypto and sometime the most obvious direction is simply a trap.
As you can see, the short term chart is showing a clear descending triangle pattern. This is bearish. The measured breakdown would place ICP in high $15's which is confluent with the bottom of the descending channel it seems to be forming.
In my opinion the probability that we test the bottom of the channel is much higher than a bullish breakout but this is crypto and sometime the most obvious direction is simply a trap.
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