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ICPUSD trade ideas

ICP Short Success + New AnalysisSo far ICP after its 96% free fall began trading in a downward channel, which its respected the upside (tested twice on dead cat bounces by scalpers) and went directly to the bottom of the channel (56% loss). The buyers are not strong support as they’re buying to scalp due to the asset falling 96%, and aren’t long term holders. The last time the upper boundary was tested, it was immediately slammed to the bottom of the channel (50+ % loss). The short I recommended taking at $52, I would take profit at $25. I do believe Bitcoin will retest $40,000 and go into a renewed bull rally, as it’s way oversold, but I do not see a sustained ICP rally, nor it moving above $60. If not already in a short, I would wait for the Bitcoin daily close, and if ICP is up more than 10%, open a short position and take profit at $25. More exchanges are supporting shorting ICP, I currently use FTX perpetual, but I believe Huobi also have opened the ability to short ICP if you already have an account there.
COINBASE:ICPUSDShort
by Mattysalads
2
Dead Cat Bounce Completed - New Short Opportunity!ICP clearly has been trading in a downward channel on the daily since its 96% free fall, a dead cat bounce occurred to test the upper boundary of the channel, which has been stopped out. Scalpers are clearly tiring out. With a lack of tech, anti-developer semi closed code base, horrible market sentiment, as well as the team selling 90m tokens and VC’s owning 26% of the supply at 2 cents, I see the free fall to commence with a second test of the upper channel happening when Bitcoin moves above the $40,000 range. VC’s and the team have stopped selling which could prove for some relief in the short term. Not many prospects, but a short here could be a pretty big win.
COINBASE:ICPUSDShort
by Mattysalads
11
Dead Cat Bounce for Internet Clown ProtocolAs we can see $ICP made a dead cat bounce after dropping 96%. Dfinity have hired a fact checker, their nodes can only be bought from Dfinity with absurd specs such as 3.5Tb of NVRam, 500+Gb of system ram, basically enterprise grade servers, The software is all closed source or Apache licensed, There’s zero network use (about 0.5 TPS), Dominick, the founder tries to use “exotic” lingo for the ICP ecosystem like “canisters” and “neural networks” for existing things to sound more fancy. 26% of the tokens were bought at 2 cents with no lockup. Dfinity team sold 90m tokens on launch. Governance is a mess, staking is a mess. One of the things stated is that ICP is a “privacy focused” project. When called out on this, the only way to make it private was to route through the Tor onion router (lol). This is 2021’s EOS. All of this info is publicly verifiable. I would open a short at any price, ride down to $5 - $10.
COINBASE:ICPUSDShort
by Mattysalads
17