BearishWedge
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ICP Forms Bearish Wedge: Breakdown Target at $3.5**
#BearishAlert #BearishWedge #WedgePattern #CryptoMarketSentiment😬📉📈 #BEARISH📉
ICP (Internet Computer Protocol) has now formed a bearish symmetrical wedge after previously hitting a head and shoulders pattern's target. Statistically, this wedge is a bearish indicator, but patterns aren't always 100% reliable.
If the wedge breaks down, the measured move suggests a potential drop to around $3.5, based on the height of the wedge.
At its current price level of approximately $4.5, this would represent a significant decline. Historically, symmetrical wedges tend to break downward 60-70% of the time in bearish markets, making this a crucial pattern to watch.
Traders should exercise caution, as a failed breakout could lead to further losses. Keep an eye on volume and market sentiment to gauge the next move.
#BearishAlert #BearishWedge #WedgePattern #CryptoMarketSentiment😬📉📈 #BEARISH📉
ICP (Internet Computer Protocol) has now formed a bearish symmetrical wedge after previously hitting a head and shoulders pattern's target. Statistically, this wedge is a bearish indicator, but patterns aren't always 100% reliable.
If the wedge breaks down, the measured move suggests a potential drop to around $3.5, based on the height of the wedge.
At its current price level of approximately $4.5, this would represent a significant decline. Historically, symmetrical wedges tend to break downward 60-70% of the time in bearish markets, making this a crucial pattern to watch.
Traders should exercise caution, as a failed breakout could lead to further losses. Keep an eye on volume and market sentiment to gauge the next move.
