$ICP about to break out of a reaccumulation rangeBINANCE:ICPUSDT has been ranging for more than 5 months printing an almost perfect Wyckoff Reaccumulation schematic.
Every phase was executed perfectly.
The initial high volume price movement that has marks the preliminary supply zone as the price couldn't hold due to sell pressure. The buying climax phase where there is a lot of supply to scoop but not enough demand to meet it thus eventually driving the price further down for all this supply to be automatically bought (AR). A successful secondary test (ST) should show less selling than previously in the Buying Climax stage; we should notice narrowing spreads and lower trading volumes to confirm, which we have on the chart.
We saw the price pulling an upthrust as price moved above resistance then quickly went back down (bull trap / opposite of a spring) into the trading range. We then tested the new demand after breaking the resistance with a UTAD (upthrust after distribution) move which resulted in a creek that was triggered by a large supply block.
We did not really see a definitive spring as the "spring" did not break support. If it did, the following Test would have been a success as it did not break support and it traded with low volume.
What I now expect to happen is for the price to find one last support level from where it'd move up and face the supply block that triggered the creek.
Breaking through this supply (LPSY - last point of supply) is the sign of strength we want to see for CRYPTOCAP:ICP to throw fireworks.
