Quick summary
$ICP dropped to 3.95 and then slightly rebounded to 4.04 but not sustainably. The drop from 4.47 has yet to regain momentum.
Technical analysis
The price is below MA25 and MA99, MA7 is pressing down. RSI6 is at 43, RSI14 and RSI24 around 41 to 43 indicate weak momentum. MACD is still negative, with no signs of a positive crossover.
Market structure and volume
Resistance between 4.10 and 4.20 is extremely thick due to a strong selling zone beforehand. Volume is flattening out, making retracement phases more susceptible to rejection. The nearest support is at 3.95 to 3.85.
Notable observation points
Observation range: 3.95 to 4.10.
Risk point: 3.85.
Reference range: 4.20 to 4.47.
To change direction, need to close above 4.10 with volume.
Overall assessment
ICP is weak, the rebound is mainly for unloading. If it doesn't regain 4.10, the probability of returning to 3.95 to 3.85 remains high.
