ICP/USDT (1D) - Breakout or another Beartrap ?

Hi Traders,

Wish you all the best to the New year, most of all Patience ;)


In this Chart you can see nice Setup of ICP prepared to break downtrend line which was formed during several months.
Despite it looks like Ending diagonal, there is still considerable risk included.

If we break current levels of 32 usd and confirm it as support we could reach 40-45 USD levels.

Otherwise we could fall down another 50% and reach levels of 16-10 USD/Coin. Also form Lower Low and 1D RSI Convergence what could be HUGE BUY signal.



Whats your idea, post your chart with Setup. Also COnsider all risks included from possible BTC drop coming.



Take care and trade safe. ;)

Comment:

A:C Waves are exact 1:1 Extensions... Also subwaves looks to be complete.

Lets wait and see ;)

Comment:

Seems like it Was indeed a Bull trap. Wave (c) reached exactly 1.618 extension of (a).
Because we alredy dropped below top of wave (a) there is huge change the drop will form last abc structure back down and form now LOW. = possible buy zone.

My gues is around 16-10 usd/coin. Follow this thread. I will do subwave counts and let you know when RSI and MACD Convergence will start to form.

Comment:

Seems like previous top of abc wave was broken (white support zone) so we are definitely heading DOWN. Prepare your bags for buying ;)

Expectation is Buyzine btween 10-16 usd. In case that BTC will fall down to 30-33K zone maybe even less.