ICP Coin Analysis: Promising Entry Points for Long Position

1 Jun 2023

I believe that ICP is a very promising coin, and I am inclined to open a long position for it. However, based on the chart analysis, it seems likely that a lower entry point may be achievable.

The coin has been in a downward trend for quite some time, but it appears that we are approaching the angle of the decline, indicating that the downward trend may be nearing its end.

ICP is known for its high volatility, making it challenging to accurately predict its bottom. Nonetheless, I am confident that it will eventually reach new highs that are significantly higher than its current value.

Considering these factors, I suggest considering a good entry range between $3.750 and $3.498, and potentially a second entry if the price drops below $3.
Another riskier scenario for entry could be at $4.221, but it's essential to implement a hard stop-loss strategy in this case.

I would appreciate any feedback or thoughts on this trading idea.

6 Jun 2023

Dagangan aktif

it appears that ICP has reached the first entry point at 4.2 as previously stated. Looking ahead, there is a possibility of a slow downward movement between the two lower trend lines. This pattern resembles a falling wedge formation, which typically suggests a potential breakout to the downside towards the region of 2.6.