Big Falling Wedge Pattern Can Send ICP to THIS Level!

ICP/USDT, Daily bars

Prolonged price declines in the cryptocurrency market caused very negative sentiment among investors, however, there are some signs of recovery.

Internet Computer cryptocurrency (ICP) is one of those altcoins that could surge in the coming period. After the price peak in early September ($86), ICP finally found the bottom at around $21 in late December. During the decline, a big falling wedge pattern was developed on the daily chart. As you know, this pattern is bullish, and chances are the price will break above the upper resistance line.

There are two more important things, that gives us some confluence:

• The ICP price broke above an important horizontal resistance line (around $28)
• A small double bottom pattern within the wedge is confirmed

How to Trade This Falling Wedge?

For a pattern to be confirmed, we need to wait for the price to break one of its boundaries. In this case, we have to wait for the ICP price to break above the upper line and, ideally, to close the daily candlestick above it. Only if that happens, we can buy ICP.

Based on the pattern’s height, the sell target would be near $75. Stop-loss can be placed below the horizontal support we already mentioned (that would be below $28).