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Icpsell

ICP → Going to $10 or $30!? A Reversal May be Coming.ICP has printed three pushes up in a bull channel, reaching $20.90. It is currently holding its position above the Daily 30EMA. Is it time to short? How do we trade this?  🤔 We do not yet have a short signal near a key resistance zone. Three pushes up after the breakout into the bull trend is a sign to start looking for reversals, but we have yet to see a reversal pattern or signal candle on the Daily or Weekly timeframes. Bitcoin may have one more push up before it reverses, the alt coin market will likely follow that pattern. and that includes ICP. The next resistance area for ICP is around $23.00, which is at the top of the bull channel and near the resistance zone. If we get a sell signal bar and preferably, a confirmation bar closing on or near its low, a 1:1 short scalp is reasonable. 💡 Trade Idea 💡 Short Entry: $21.70 🟥 Stop Loss: $28.00 ✅ Take Profit: $15.40 ⚖️ Risk/Reward Ratio: 1:1 🔑 Key Takeaways 🔑 1. Three pushes up into a bull channel after a of the current support zone. 2. Price action is above the Daily 30EMA and in a trading range. 3. 27% gap to the top of the bull channel which is near the resistance zone. 4. Target the resistance zone for a sell signal bar around $21.00 5. RSI at 63.00 and below the Moving Average, supports short 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 and start looking for reversals. ⚠️ 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
Short
by TraderEngineering
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 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