The bottom for ICP-USD?
Updated
Could this strange confluence of trend lines finally be the bottom for ICP? I felt that surely my trend line drawn from the low of the coinbase opening range on May 10th would be the end - my last possible level of resistance drawn, yet it's teetering on the bring of failure at this point as well, with a double bottom on the hourly.
Despite its' obvious sympathy for Bitcoins' whims, I keep watching and waiting for a sign that we've reached the bottom for a curl up of ICP. I think there is wide range upside to be had here. While the concept and "fundamentals" for ICP seems to be light on concrete physical actions, and heavy on lofty aspirations, it does seem to be a solid enough foundation for some level of consumer buy-in. I personally believe that it has potential for a good trade and wonder when this endless march downwards will end. I would appreciate any insight from those more qualified than me.
Perhaps we must just wait until the Head & Shoulders on the daily for BTC is over... see that idea here: tradingview.com/chart/BTCUSD/qZh85KWp-Head-and-Shoulders-on-the-Daily
Thanks in advance.
Despite its' obvious sympathy for Bitcoins' whims, I keep watching and waiting for a sign that we've reached the bottom for a curl up of ICP. I think there is wide range upside to be had here. While the concept and "fundamentals" for ICP seems to be light on concrete physical actions, and heavy on lofty aspirations, it does seem to be a solid enough foundation for some level of consumer buy-in. I personally believe that it has potential for a good trade and wonder when this endless march downwards will end. I would appreciate any insight from those more qualified than me.
Perhaps we must just wait until the Head & Shoulders on the daily for BTC is over... see that idea here: tradingview.com/chart/BTCUSD/qZh85KWp-Head-and-Shoulders-on-the-Daily
Thanks in advance.
Comment
New lows... One more descending line of support there, but I don't know! Seems like we'll just be waiting for BTC to decide...Comment
Well, like I've said, ICP certainly responds to the whims of Bitcoin, but only in sentiment. I'm please to see that it does not mirror BTC as some crypto's do, which I find frustrating. It's as if ICP traders are watching BTC on a separate monitor and discussing what they all think it's going to do in the next few bars. Having said that, I could not see a way for ICP to find it's bottom until the H&S on the daily for BTW was fully resolved either with big flush through the neckline, or with the big bounce it had today.
It was interesting to watch ICP hold back and wait until BTC crossed some key levels of resistance. I for one was not able to trust the move on ICP until I saw resistance broken on BTC at 33880, after which I bought ICP with tight stop. As BTC presently retests the line of descending (now) support which I see as the decider on whether the H&S pattern is over or not, I believe that ICP is getting ready for a nice move up as it begins to "trust" BTC's latest break. But, keep stops tight for now!
Here is the ICP 5min getting ready to test resistance again. I apologize for the awkward links, I'm not yet "hereby certified" to post direct links:
tradingview.com/x/O7aWU9hM/
Here is my BTC H&S idea along with my most recent idea synopsis and update along with the latest relevant links :
tradingview.com/chart/BTCUSD/qZh85KWp-Head-and-Shoulders-on-the-Daily
Here is my latest BTC 5 min chart as it tests support:
tradingview.com/x/Ki0Axxtd/
Enjoy! Plenty of upside to be had on ICP I reckon!
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