The current image of ICP has appeared in the form of a wedge. This pattern is a rest pattern that appears midway through an uptrend. If the late wedge is confirmed, then ICP will continue to trend upward.
Wedges mostly occur after the market is extremely active, prices fluctuate violently, and almost rise in a straight line. Severe fluctuations are the conditions for generating wedges. Because ICP rose too quickly last week, the market must correct, and the wedge is one of the main forms to complete this rest process.
To confirm the wedge shape, you should pay attention to the following points: First, the flagpole formed by the linear movement of the price in the early stage. Second, the wedge cannot last too long, otherwise it cannot be considered a break. Third, volume was high both before the wedge formed and after it was broken. During the formation of the wedge, trading volume gradually decreases from left to right.
At this stage, as the cryptocurrency cycle turns from bear to bull, the main tone of market analysis is still bullish. If you want to obtain greater expected returns in the bull market, I personally recommend learning about finance, investment, and securities investment. These necessary basic knowledge can make our analysis easier and more effective, and also put us in a better state of mind.
