Okay, everybody is super bearish right now and bullish perspectives are far and wide. Hopefully we can separate ours emotions from what's happening in the charts and see that ICP actually has an extremely bullish set up and you may not get another chance until the real bear market to buy at these prices.
Note: I normally use log charts but I'm finding that a linear chart works better. So you will see some of my previous analysis on log charts but I am going to be switching to linear charts from now on.
1) ICP broke out of a long term diagonal line of resistance in the beginning of January. You could say the most recent drop was simply a bullish retest of the diagonal line of resistance.
2) The break out was a bullish breakout out of a falling wedge. UNLESS this is a fake-out we can expect expect to see prices go to the red box.
3)Volume has picked up significantly. Signaling that the break out was not a fake out.
4)Weekly RSI is bullish af. It's in deep oversold territory plus the bullish divergence is really out of control.
How can you look at this set up and be bearish? Of course anything can happen and BTC just brings the market down further but if we take our emotions out of the equation and only look at ICP's chart. This might be the best set up in the top 100 cryptos.
What do we need to see happen?
We nee to see a clear break out of the $38 range. Until then we're just messing around in the dirt. A break of $38 and holding it as support is as bullish of a confirmation as you could as for.
Note: I normally use log charts but I'm finding that a linear chart works better. So you will see some of my previous analysis on log charts but I am going to be switching to linear charts from now on.
1) ICP broke out of a long term diagonal line of resistance in the beginning of January. You could say the most recent drop was simply a bullish retest of the diagonal line of resistance.
2) The break out was a bullish breakout out of a falling wedge. UNLESS this is a fake-out we can expect expect to see prices go to the red box.
3)Volume has picked up significantly. Signaling that the break out was not a fake out.
4)Weekly RSI is bullish af. It's in deep oversold territory plus the bullish divergence is really out of control.
How can you look at this set up and be bearish? Of course anything can happen and BTC just brings the market down further but if we take our emotions out of the equation and only look at ICP's chart. This might be the best set up in the top 100 cryptos.
What do we need to see happen?
We nee to see a clear break out of the $38 range. Until then we're just messing around in the dirt. A break of $38 and holding it as support is as bullish of a confirmation as you could as for.