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Icpprediction

ICP → Time to Long at $9? A Buy Opportunity Is Waiting!Since my April 24th update, ICP has fallen into a pullback, as expected. We found resistance just shy of $21.00 and then pulled back in two strong legs. Should we be bearish or bullish on ICP? How do we trade this? 🤔 As expected, ICP found resistance at the Resistance Zone of below $21.00 after three strong pushes up followed by a head and shoulders reversal pattern. That reversal pattern played out into a two-legged pullback, leaving us below the Support Zone at a low of $5.80. We now see the price strongly responding to this are and is now above the Support Zone with a strong bullish candle closing on it's high. It's reasonable to enter a long here given that strong bullish candle close. It would not hurt to wait for a confirmation candle but since we've closed above support, you could take a slightly lower probability trade here and have a high probability of hitting the first take profit target of $11.225. Once that target is hit, take half profits at 1:1 Risk/Reward, moving the stop loss up to the entry price, then swinging the latter half of the position to 1:2 Risk/Reward. We also need to watch Bitcoin's sentiment as the price action plays out. I expect Bitcoin will fall into a two-legged pullback to around $40,000-$45,000, which should take the alt market down with it, either keeping it in a trading range or bringing it to lower lows. Until Bitcoin's sentiment shows a clear bull signal after a likely pullback, it's one more indicator we should allow to play out before getting long in DOGE. A final point of data is the RSI low and above the moving average of around 56.00. This indicates we are into the swing high and a long entry at this stage is warranted. 💡 Trade Idea 💡 Long Entry: $8.45 🟥 Stop Loss: $5.675 ✅ Take Profit #1: $11.225 ✅ Take Profit #2: $14.00 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Three legs up toward a resistance zone after a breakout 2. Head and Shoulders reversal pattern 3. Two-legged pullback to the Support Zone at $8.23 4. Long entry justified at current Signal Candle close above Support Zone 5. RSI at 56.00 and above the moving average. Supports a long entry. 💰 Trading Tip 💰 The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
Long
by TraderEngineering
1
ICP → Pullback to Support Zone Over? Time to Long? Almost!ICP ran three pushes up in an ascending wedge reaching $16.33, followed by a pullback with three pushes down and a strong bull signal. Is it time to long? How do we trade this? 🤔 A long entry could be justified here. Here's what we have in favor of the long bias; Three pushes up in a bull channel ending at $16.33, followed by three pushes down in a micro-bear channel with strong bull signal bars, and we have a good follow-through bars leading up to the price action being just above the Daily 30EMA. What would give us maximum justification is a re-test of the Daily 30EMA as support to add probability to our long. However, I do not believe this is required to justify a long entry. I believe we need to be conservative longing at this stage in the crypto market, which is why I only advocate for a 1:1 scalp at a lower-than-maximum position size allowed for your trading strategy. I think Bitcoin and Ethereum have a larger pullback on the horizon, but do believe the market will come up a bit before it goes down. 💡 Trade Idea 💡 Long Entry: $12.32 🟥 Stop Loss: $9.15 ✅ Take Profit: $15.50 ⚖️ Risk/Reward Ratio: 1:1 🔑 Key Takeaways 🔑 1. Three pushes up into an ascending wedge. 2. Micro Bear Channel forms with three pushes down. 3. Strong bull signal bars on each push down. 4. Not required, but suggested to wait for re-test of Daily 30EMA as support. 5. RSI at 57.00 and above the Moving Average, supports long bias. 💰 Trading Tip 💰 The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
Long
by TraderEngineering
1
ICP → Internet Computer Running Out of Gas with Ascending Wedge?ICP gave us another push up after we broke the Support Zone and established support. Now we see ICP coming down to test the Push #2 high of $11.80. The price is consolidating to the upside in an ascending wedge pattern, should we short? How do we trade this? 🤔 It is not time to short because we're still in the ascending wedge pattern and have not failed to make new highs and new lows. The earliest we should be entering a trade is when the price attempts to make a new high, fails and has broken out of the wedge. We're looking for a sell signal (bear bar closing on or near its low with a wick top) followed by a confirmation bar (strong bear bar closing on or near its low). The likely price area to enter the short will be around $13.00, but we're still a ways from the target, so we'll have to watch the candles print to size up our entry. A higher probability of profit trade is a 1:1 short scalp to the Support Zone, making the assumption that this will play out as a pullback rather than a bear run. We need to keep an eye on Bitcoin as it nears $45,000 again. I suspect it will fail to break the neckline but until we confirm that, we can trade as if it won't. 💡 Trade Idea 💡 Short Entry: $13.00 🟥 Stop Loss: $17.00 ✅ Take Profit: $8.98 ⚖️ Risk/Reward Ratio: 1:1 🔑 Key Takeaways 🔑 1. Three Pushes Up from Ascending Triangle Breakout 2. Ascending Wedge Forming 3. Look for Double Top Wedge Breakout to Short 4. Watch Bitcoins Possible Reversal from $45,800, Impact on Alt Coin Market. 5. High RSI at 63.00 below Moving Average, Supports Pullback to Support Zone. 💰 Trading Tip 💰 Ascending Wedges signal an increased probability of a bear breakout. Combined with three pushes up in a bull trend and strong sell bars (candles with large wicks on their tops), creates conditions where a counter-trend trade is reasonable. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
Short
by TraderEngineering
12
ICP - Measured Move Complete! Pullback to $8.23 then $4.80!?ICP executed a beautiful measured move in three legs; a breakout from the first to the second leg with an ascending triangle(per my last analysis), broke resistance, and landed on the measured move target. We're now witnessing a pullback but is that where the drop will end? How do we trade this? 🤔 We need to wait and see what happens to the price after it interacts with what was previous resistance, around the $8.23 price area. If we get strong support it's reasonable to consider a long scalp. I wouldn't plan a swing trade on this timeframe since the price action has been running hot; three pushes up with a 320% increase in price from bottom to top, RSI went up to 91 and is still at 68.00, now below the moving average, etc. These data do not support longing, at least on this timeframe. We also do not want to jump into a short right away, the strong sell signal and confirmation candles need to close before we can make such a move. Look for a break below the Resistance Zone and a re-test of the level that fails. A strong bear bar closing on its low at the $7.95 area is enough justification to enter a short. It's reasonable to take 1:1 Risk/Reward level profits around $7.20 and swing the rest to 1:3 or until you see a buy signal. Until we see the bear confirmation, we ought to remain on the sidelines or zoom into the 5m or 15m timeframes. 💡 Trade Ideas 💡 Short Entry: $7.95 🟥 Stop Loss: $8.65 ✅ Take Profit: $6.55 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Breakout of Ascending Triangle, Measured Move Up! 2. Measured Move Target Hit, Pullback to Resistance Zone. 3. Watch for Support at Resistance Level $8.23. 4. RSI at 68.00 below Moving Average, Supports Pullback to Resistance Zone. 5. Watch Bitcoin near the $46,000 level, looking for a Trend Change. 💰 Trading Tip 💰 Bear flags in the proper context, provide over a 60% probability that a trend will continue. This provides justification to enter a short trade. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
Short
by TraderEngineering
6
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!
Short
by TraderEngineering
2
ICP - 12h. Growth prospect to $100The last weeks of trading on the cryptocurrency market give us all intrigue and uncertainty. The price of bitcoin stopped at the critical range of $48,000-50,000 and market participants calmed down. Over the past 4 weeks of trading, volumes have steadily decreased weekly from $38 billion per day to $27 billion. The fall in daily trading volumes of bitcoin has reduced its impact on other cryptocurrencies and made it possible for new and easy crypto projects to "shoot". Therefore, while the bitcoin market is now drifting at low volumes within the limits of consolidation, we will talk about the ICP cryptocurrency. Weekly, we analyze the TOP-10 cryptocurrencie s by daily trading volumes and record a video forecast for the week. Unfortunately, ICP did not make it into this TOP, but it got as close as possible to it. With a trading volume of $1.36 billion per day, ICP ranks 12th and is as close as possible to the notorious DOGE ($1.6 billion). However, if you compare the local trend of these two coins, you can see that the ICP market is building a trending movement up and is ready to continue to grow. On the chart, we can see that the consolidation in the ICP market lasts longe r than in the DOGE market. Considering that bitcoin allows alcoins to independently move their prices, the main question for an investor is which cryptocurrencies will start growing first? It is known that there are not enough new volumes on the market for all cryptocurrencies to start growing at the same time. Therefore, first of all, you should choose those coins that have already proven their strength both in trading volumes and in activity. On the chart, we see that the ICP price did not allow updating the local lows on August 18 and 27. At the same time, DOGE is successfully updating the lows and its buyers are not yet showing any desire to actively buy. In this example, we have shown two types of altcoin s that are currently available. The first type, such as SOL, SAND , ICP, are ready for new peaks, while others - DOGE, DOT, BNB and others - strive to continue consolidation. Some specifics on the ICP market The main achievement of buyers in the recent period in the ICP market is taking control of the range of $53-56: The chart clearly shows how important this range is for market participants. Buyers have broken through this range at high volumes and now the process of consolidation is underway to continue the growth to $100. Depending on how strong the turbulence in the cryptocurrency market will be, the ICP price can start growing from either $64 or $57. For long-term investors, this range is good for buying. In this case, the risk per position will be approximately 10-13% . This cryptocurrency is in our long-term portfolio and in the portfolios of our long-term partners, whose deposits we manage. In case of an error, the ICP price on large volumes should first break through the $53-56 range and subsequently fix below it on a large timeframe (start consolidating). In this case, the fall in the price of Internet Computer will continue to the range of $40-45. This is another liquid zone where we will gladly buy this cryptocurrency if there is such a chance. P.S. For the most conservative investors, you should control the ICPBTC chart and enter only after retesting the liquid range 0.0015-0.0016 It is at the moment of price fixation above this range that the security level of entering a position will be maximal.
by P_S_trade
46