ICP- Next leg up above 20usd mark?

11 de jan.

As you may have observed, I am optimistic about ICPUSD for numerous fundamental reasons. However, in this post, we will specifically delve into the technical aspects.

As elucidated in my previous analyses, the breakout above the resistance of the falling wedge has the potential to signify a change in trend, and indeed, it has. The recent peak at 16 was succeeded by a correction. The reversal, occurring just above 10 and characterized by a robust bullish engulfing, may indicate the conclusion of this correction.

As of now, the price is trading precisely in the middle of the recent range at 13, and it is likely that a new upward movement will ensue. My target for this upward movement is the 22 resistance level, and considering a stop loss set below 10, a risk-to-reward ratio of more than 1:2 could be attained.

In summary, in my perspective, traders ought to consider buying during market dips.

Best of luck!
Mihai Iacob