The $ICP chart is forming a double bottom pattern, a bullish reversal indicator. However, the pattern is not yet complete.
Current Status:
- First bottom: Formed
- Neckline: Formed
- Second bottom: Yet to form
- Breakout above the neckline: Yet to occur
For the pattern to be confirmed:
- The second bottom must form, ideally at the same level as the first bottom
- A breakout above the neckline is required, with a clear close above the resistance level
Invalidation:
- A break below the support zone would invalidate this bullish outlook, indicating a continuation of the downtrend.
