BYBIT:ICPUSDT 1H trend chart - Long Price has stopped falling since hit high on 10/6 and keep consolidating now. We can expect it is going to break out the long-term downtrend line. If this downtrend line is taken out, there is a timing for entry. But I suggest to long after confirming the price stands firm at $45.48(blue horizontal ray) Short A potential Head and Shoulders pattern is forming... Therefore, should be very careful if the lower uptrend line is broken out.
I prefer to long it, so if it does as we presume above, trading strategy as below. - Profit Targets: a) 47.48----Fib(1) b) 49.51~50.34----Fib(1.272~1.382) c) 54.96----Fib(2) Stop losses: I will provide it depend on the timing I open position. - If you like this analysis, give it a like and leave a comment below to share your thoughts or let me know what crypto you want to see!
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