ICP/USDT
1D Chart
ICP has been moving sideways since the July bottom trading in a range.
Using Wyckoff I’ve analysed the chart on the daily candle chart and it looks to be an accumulation play over many months.
Ive identified characteristics similar to stages of Wyckoff accumulation and marked it up. Using fractals from the previous price action, I’ve pieced together a generic approach of what price would typically do according to a Wyckoff accumulation model. The model is flexible as not all price action will repeat itself in the form of Wyckoff but variations creating the same setups occur throughout sideways price action. You could identify another 2 Wyckoff distributions in this chart alone so a degree of flexibility as price action develops is required.
This new low we have put in from the crash has a big wick showing a lot of buyer presence and very high volume showing the entry of the composite man at the low of the range (good sign). This low to me is the ST as SOW but could also be the Spring, only time will tell and provide us with confirmations.
1D Chart
ICP has been moving sideways since the July bottom trading in a range.
Using Wyckoff I’ve analysed the chart on the daily candle chart and it looks to be an accumulation play over many months.
Ive identified characteristics similar to stages of Wyckoff accumulation and marked it up. Using fractals from the previous price action, I’ve pieced together a generic approach of what price would typically do according to a Wyckoff accumulation model. The model is flexible as not all price action will repeat itself in the form of Wyckoff but variations creating the same setups occur throughout sideways price action. You could identify another 2 Wyckoff distributions in this chart alone so a degree of flexibility as price action develops is required.
This new low we have put in from the crash has a big wick showing a lot of buyer presence and very high volume showing the entry of the composite man at the low of the range (good sign). This low to me is the ST as SOW but could also be the Spring, only time will tell and provide us with confirmations.