On the daily chart for Internet Computer (ICP/USDT), the price action is showing signs of a potential trend reversal. After a period of decline, indicated by the descending trendline, there's a notable bullish candle that has broken through this trendline, which might suggest the beginning of an upward movement.
The price is currently at $15.566, with the next key resistance level at $17.734. If the price can sustain above the trendline and move past this resistance, it could indicate a stronger reversal and the beginning of an uptrend. The support level at $10.954 is critical; holding above it is important for the bullish case.
For traders considering a long position, entry near the breakout with a stop loss below the most recent swing low could be a strategy, aiming for targets at the resistance level and potentially higher if the trend continues. Conversely, a drop below the support level may signal a false breakout and a resumption of the bearish trend. As always, monitoring volume for confirmation and employing proper risk management is advisable.
The price is currently at $15.566, with the next key resistance level at $17.734. If the price can sustain above the trendline and move past this resistance, it could indicate a stronger reversal and the beginning of an uptrend. The support level at $10.954 is critical; holding above it is important for the bullish case.
For traders considering a long position, entry near the breakout with a stop loss below the most recent swing low could be a strategy, aiming for targets at the resistance level and potentially higher if the trend continues. Conversely, a drop below the support level may signal a false breakout and a resumption of the bearish trend. As always, monitoring volume for confirmation and employing proper risk management is advisable.