Internet Computer (
ICP) is exhibiting a clean technical structure on the weekly (1W) timeframe. After breaking out of a long-term descending resistance trendline, the price saw an aggressive expansion leg that has now encountered significant macro resistance. Following a strong rejection from the upper Fibonacci levels, the market structure has shifted bearish on higher timeframes, opening up a high-probability short-selling scenario targeting the macro value area below.
ICP has completed its relief cycle and is showing heavy signs of macro exhaustion. The strong rejection from the 0.705 Fibonacci level and the subsequent failure to hold the 0.382 Fib floor signal that the path of least resistance is firmly down. As long as the $5.92 resistance remains unbreached on a weekly closing basis, the technical structure favors a full retest and potential sweep of the historical lows toward $1.34.
ICP) is exhibiting a clean technical structure on the weekly (1W) timeframe. After breaking out of a long-term descending resistance trendline, the price saw an aggressive expansion leg that has now encountered significant macro resistance. Following a strong rejection from the upper Fibonacci levels, the market structure has shifted bearish on higher timeframes, opening up a high-probability short-selling scenario targeting the macro value area below.ICP has completed its relief cycle and is showing heavy signs of macro exhaustion. The strong rejection from the 0.705 Fibonacci level and the subsequent failure to hold the 0.382 Fib floor signal that the path of least resistance is firmly down. As long as the $5.92 resistance remains unbreached on a weekly closing basis, the technical structure favors a full retest and potential sweep of the historical lows toward $1.34.
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HoneyBadger is the Top-1 Master Trader on Bybit TradFi.
Find more analytics and our trading results here - t.me/Neuro_trade_AI_bot?start=Tradingview
HoneyBadger is the Top-1 Master Trader on Bybit TradFi.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.