Foreign [Music] Video about ICP I do get still a lot of Requests for covering ICP from time to Time I will do it uh just to setify the Crowd I would say Um but no but honestly you need to Understand that this is a coin where Also Elliott wave won't really give you An edge Um this is a coin that is seriously in a Lifetime downtrend um And I as I already said in in the last Videos until we really see an impulsive Price move to the upside This isn't gonna this isn't gonna take Off I think at some point I bought it Like a speculative position very small Um Very small position just sort of for Speculation because if this thing takes Off Um it could do something significant but It's really nothing more than to be Honest a bit of a gamble Um What you need to understand this this is On its way further down and down and Down until we see a significant five Wave structure to the upside I I can't Even put the whole child on the I mean I Need to go to the log chart even to to Really make sense of what's going on Here
Um but a chart that is really in a Lifetime downtrend What what do you expect right Um there is no technical analysis that Will tell you this is not going to turn Around because all you see here is a Lifetime downtrend a shocking lifetime Downtrend you see that we're making Lower lows and lower highs you can and That's quite useful here on the log Chart you can add a descending trend Line here to the chart that is quite Relevant I believe here in this case Because it is a really really Well-defined trend line I normally don't Like trend lines too much because they Are quite subjective but here there's Nothing subjective about that this is Pretty pretty clear you are always Coming down I mean you could even but It's probably a bit too late now you can Even always try to short when you come Back to that trend line from from below Um But it might be a bit too late because Let's be honest there isn't too much More downside potential we are close to Zero anyway if you consider from where We come from Um around 400 know where do we come from Around 500 600 so yeah I mean uh Honestly this is not about the project At all this this has nothing to do with The fundamentals but let's be honest if
This keeps dropping then it will at some Point have an impact on the project as Well Um and what else can I tell you really I Mean here if we go to the um If we go and go back to the So here see on on the if you if I don't Have the log chart open that trend line Doesn't really help me but I think for That purpose the log chart is quite Useful and from an elite wave point of View really all I can do is to put an ABC here on the chart there isn't much More I can do Um surely I mean We could say but that's pure speculation Until until we really see a five wave Structure to the upside which would Suggest that the trend is changing there Isn't really anything you can do here so We could suggest this was one two yeah Then we had maybe here a small on two Three four five Yeah and this could be the wave three And then we had maybe an ABC here in the Way four and we're now coming down in Five so this is certainly a possibility But that doesn't tell you that we're Turning around now this way five for Example could extend much further down Um it just is what it is yeah you can't Really make a call here until you get Um any kind of Counter reaction to the upset you can
Even see we've now reached the 1.236 Fibonacci extension here To the downside is 357 bounced off that But I wouldn't be surprised to also see The 1.618 extension that is at 2.60 I Wouldn't be surprised at all so it's all About waiting for the signal here and to Be honest the very first signal that This lifetime downtrend may be over but It would be a very very early signal Would be a break of the trend line to The upside then what is even more Important would be a break above the Wave 4 high here at 9.80 And yeah that's pretty much everything I Can tell I mean we see here on the Weekly chart the small bullish stuff Well actually bullish diversions on the RSI but all that tells us is that this Downtrend is slowing down I mean you can Clearly see that you don't need an Indicator for that but it has to slow Down because otherwise we were already Sort of in the negative right so that Doesn't really help us a lot I think Most most useful will be their trend Line but even if their trend line is Broken I wouldn't just go in I'd be very Very careful with this one yeah and Really wait until we have five waves up Three waves down a one two setup and Then trying it maybe going along with a Small position if anybody wants to do That yeah but it's high risk okay that's
My update about ICP I hope you liked the Update if you did please hit the like Button leave a comment and subscribe and If you really like the content then Please check out the channel membership Thanks a lot for watching bye [Music] Thank you