$ICP/USDT 4h (Binance Fut.) Descending channel under resistance
Internet Computer Protocol (formerly known as Dfinity) has broken bearish after ascending TL was lost.
Now retesting 50MA resistance, we expect to bounce back on it and continue the retracement down.
Current Price= 63.24
Sell Entry = 63.98 - 67.14
Take Profit= 58.63 | 53.85 | 49.48
Stop Loss= 71.42
Risk/Reward= 1:1.18 | 1:2 | 1:2.74
Expected Profit= +21.14% | +35.72% | +49.06%
Possible Loss= -17.88%
Fib. Retracement= 0.382 | 0.5 | 0.618
Margin Leverage= 2x
Estimated Gain-time= 10 days
Now retesting 50MA resistance, we expect to bounce back on it and continue the retracement down.
Current Price= 63.24
Sell Entry = 63.98 - 67.14
Take Profit= 58.63 | 53.85 | 49.48
Stop Loss= 71.42
Risk/Reward= 1:1.18 | 1:2 | 1:2.74
Expected Profit= +21.14% | +35.72% | +49.06%
Possible Loss= -17.88%
Fib. Retracement= 0.382 | 0.5 | 0.618
Margin Leverage= 2x
Estimated Gain-time= 10 days
Trade closed: target reached
TP1 would have been reached with up to +22.02% (2x)Internet Computer Protocol got rejected strong as expected, unfortunately entry was missed by 0.13$ (0.20%), so near.
Congratulations if you entered manually anyway, you can start grabbing some partial profit here!
Trade active
All entries filledAfter almost hitting TP2, Internet Computer Protocol bounced back and broke-out the channel.
Seems more likely to continue bullish but ascending TL is not regain yet so we'll stick to the original plan!
If you don't feel confident about that set-up anymore, you can close here in small loss.
Trade closed: stop reached
SL hit with -17.88% (2x) and -1RInternet Computer Protocol bounced back on 50MA and went for asc TL retest, we are out for now.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.