ICP Token Can't Break Resistance!? This Analysis Brings Clarity.
ICP is mirroring Bitcoin and Ethereum in their difficulty to break their Weekly resistance zones. This is the 4th attempt since November 12th that the price tried to clear and hold above $4.80, will it hold this time?
How do we trade this?
ICP is in a bull channel, which means our bias should be toward the upside. That does not mean it's the *only* data point to consider, we're also at resistance without a bear signal bar, so don't dive into a short just yet! We also have the 200EMA below us at $4.20, which is likely to act as support given that the overall trend is bullish.
Given these data, it's reasonable to look for a bear signal bar closing on or near its low to get short, then take some or all profits just above the 200EMA. Wait for more price action at that level to see if we get another leg up, or hold the rest of that short position to lower prices.
Key Points
1. Bull Channel, Bias to Long.
2. 4th Attempt to break Resistance Happening Now.
3. If the 4th Rejection Happens, a Short is Reasonable.
4. Watch 200EMA for Support
5. RSI at 63.00, Bias to Fall.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
How do we trade this?
ICP is in a bull channel, which means our bias should be toward the upside. That does not mean it's the *only* data point to consider, we're also at resistance without a bear signal bar, so don't dive into a short just yet! We also have the 200EMA below us at $4.20, which is likely to act as support given that the overall trend is bullish.
Given these data, it's reasonable to look for a bear signal bar closing on or near its low to get short, then take some or all profits just above the 200EMA. Wait for more price action at that level to see if we get another leg up, or hold the rest of that short position to lower prices.
Key Points
1. Bull Channel, Bias to Long.
2. 4th Attempt to break Resistance Happening Now.
3. If the 4th Rejection Happens, a Short is Reasonable.
4. Watch 200EMA for Support
5. RSI at 63.00, Bias to Fall.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
-Joe Dean
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