ICP trading setup idea
Weekly: long term analysis
ICPUSDT defined an All Time Low (ATL) at the 3$ level.
After that low, ICP witnessed a very strong momentum upward with incredible volumes. It is now consolidating for several weeks at the current price level. Let's analyze it in a lower time frame to plan an entry.
Daily: short term analysis
Since the ATL, ICP had a very bullish momentum with huge volumes.
After a period of consolidation under a very clear resistance level and a contracting volatility (see narrow Bollinger Bands), ICP is now attempting to break out of this resistance level with an increase in volumes.
If breakout is confirmed, all ingredients for a powerful upward movement and a good trading setup will be gathered.
Strategy
Buy signal will be given on a daily close above the horizontal resistance line at 14,75$.
Invalidation
Mental Stop: just below the last consolidation low at 12$. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
ICPUSDT defined an All Time Low (ATL) at the 3$ level.After that low, ICP witnessed a very strong momentum upward with incredible volumes. It is now consolidating for several weeks at the current price level. Let's analyze it in a lower time frame to plan an entry.
Daily: short term analysis
Since the ATL, ICP had a very bullish momentum with huge volumes.
After a period of consolidation under a very clear resistance level and a contracting volatility (see narrow Bollinger Bands), ICP is now attempting to break out of this resistance level with an increase in volumes.
If breakout is confirmed, all ingredients for a powerful upward movement and a good trading setup will be gathered.
Strategy
Buy signal will be given on a daily close above the horizontal resistance line at 14,75$.
- Objective 1: Nearest resistance line at 23,50$ (+60%)
- Objective 2: Next resistance at 39$ (+160%)
- Objective 3: First wave target and next resistance at 82$ (+500%)
Invalidation
Mental Stop: just below the last consolidation low at 12$. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
أغلقت الصفقة: تم الوصول لوقف الخسارة
Our mental stop was touch after a false buy signal then real stop was executed at 12$ on the 8th of April.
We are out of this trade with a controlled loss of less than 20%.
Let's move on and focus on our next opportunities.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.