Internet Computer(ICP)Has great potential! Technical Analysis
Updated
Hello. Internet Computer(ICP) in my technical analysis is ready to reach 100$ for the first time in 5 months.
What makes ICP a potential cryptocurrency? :
1. RSI bullish divergence, indicating that a reversal of the previous downtrend may have occurred.
2. Fresh price breakout of bearish trendline(white dashed trendline) a few days ago, indicating a reversal of the previous downtrend.
3. RSI Triangle pattern breakout before price trendline breakout(#2)
4. Price near 100EMA. (at first this may sound bearish, but a 100EMA break may be happening soon)
5. Good amount of volume on the breakout of the white dashed trendline. Many bulls on the breakout here.
6. ICP -98% from ATH. While doesn't sound bullish, ICP has more potential to move up. In some scenarios from other cryptocurrencies, price made it back to the ATH although it was pretty far.
But before we may see ICP reach 100$, we may need some criteria before confirming ICP to reach 100$. My own criteria is:
1. Break 100EMA with good volume. This is crucial in my opinion as if it doesn't break it we are not seeing a 2x move here.
2. RSI hovering above RSI 70. If this happens, it means that price is very bullish.
3. 0.5 Fib breakout. This Fib can confirm the breakout of the 100EMA.
Forecast: if ICP fulfills the above criteria quickly it may reach $100 or the 1.618 fib by Early December. However if the criteria doesn't fulfill we may see a rebound to the lower support of the price channel.
Thank you for reading! Drop feedback in the comments below, it would help me improve! Also tell me if you think the chart is cluttered and messy.
Also, don't take this as investment advice. Do your own research first.
What makes ICP a potential cryptocurrency? :
1. RSI bullish divergence, indicating that a reversal of the previous downtrend may have occurred.
2. Fresh price breakout of bearish trendline(white dashed trendline) a few days ago, indicating a reversal of the previous downtrend.
3. RSI Triangle pattern breakout before price trendline breakout(#2)
4. Price near 100EMA. (at first this may sound bearish, but a 100EMA break may be happening soon)
5. Good amount of volume on the breakout of the white dashed trendline. Many bulls on the breakout here.
6. ICP -98% from ATH. While doesn't sound bullish, ICP has more potential to move up. In some scenarios from other cryptocurrencies, price made it back to the ATH although it was pretty far.
But before we may see ICP reach 100$, we may need some criteria before confirming ICP to reach 100$. My own criteria is:
1. Break 100EMA with good volume. This is crucial in my opinion as if it doesn't break it we are not seeing a 2x move here.
2. RSI hovering above RSI 70. If this happens, it means that price is very bullish.
3. 0.5 Fib breakout. This Fib can confirm the breakout of the 100EMA.
Forecast: if ICP fulfills the above criteria quickly it may reach $100 or the 1.618 fib by Early December. However if the criteria doesn't fulfill we may see a rebound to the lower support of the price channel.
Thank you for reading! Drop feedback in the comments below, it would help me improve! Also tell me if you think the chart is cluttered and messy.
Also, don't take this as investment advice. Do your own research first.
Note
Thanks to BTC, the EMA 100 acted as strong resistance. Let's continue watching ICP.
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