ICP- A trading plan
As you may be aware, my confidence in ICP remains strong, and I anticipate a price surge towards the resistance zone of 20-22 in the near term. Since there is a daily inquiry about it, I've put together a trading plan that might offer some guidance.
Upon a closer look, it is evident that the current trend is upward. However, up trends (or down trends), are not linear...
Following the high at 16, the coin initiated a correction and has been consolidating its gains. The recent consolidation is forming a symmetrical triangle, which is typically a continuation pattern. Keeping this in mind, let's explore potential scenarios:
If there is a break above the triangle's resistance, we could interpret the correction as concluded and consider entering the market with the previously mentioned target.
Conversely, if the triangle is broken to the downside, we should seek buying opportunities near the robust support level around 10.
Combining the two scenarios:
a. In the event of an upward break that turns out to be false, causing the coin to decline again, we can consider doubling our trade around 10.
b. If there is a downward break, we initiate a buy near 10 and double our position when the price rebounds above 12.
As for the less favorable scenario, if ICP drops below 10, we may incur losses. Therefore, it is crucial to trade with funds that you can afford to lose.
That concludes the current analysis on ICP for now.
I will provide updates if there are significant developments, especially in the case of a breakout.
Best Of luck!
Mihai Iacob
Upon a closer look, it is evident that the current trend is upward. However, up trends (or down trends), are not linear...
Following the high at 16, the coin initiated a correction and has been consolidating its gains. The recent consolidation is forming a symmetrical triangle, which is typically a continuation pattern. Keeping this in mind, let's explore potential scenarios:
If there is a break above the triangle's resistance, we could interpret the correction as concluded and consider entering the market with the previously mentioned target.
Conversely, if the triangle is broken to the downside, we should seek buying opportunities near the robust support level around 10.
Combining the two scenarios:
a. In the event of an upward break that turns out to be false, causing the coin to decline again, we can consider doubling our trade around 10.
b. If there is a downward break, we initiate a buy near 10 and double our position when the price rebounds above 12.
As for the less favorable scenario, if ICP drops below 10, we may incur losses. Therefore, it is crucial to trade with funds that you can afford to lose.
That concludes the current analysis on ICP for now.
I will provide updates if there are significant developments, especially in the case of a breakout.
Best Of luck!
Mihai Iacob
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