Hello, dear TradingView members. This idea is an ICP analysis.
Tonight ICPUSDT made a 20% pump. Before we FOMO and buy or sell, let's see what possible scenarios.
Scenario one: A break-out: If that bullish candle closes above this area, it can later perform a pullback and make it a breakout confirmation.
Scenario two: A fake-out: The price might go even higher but then lose strength after hitting one or two resistance levels and fall back to the previous support area.
The Bollinger Bands are opening and making a wide channel, and the price is pushing higher than the upper band. Now, this mostly shows overbought signals, which aren't healthy. This might cause weakness in future hours.
RSI is also above 75, which shows overbought signals.
The Speedometer indicator shows Buy volumes on the market for Bitcoin on a 1D interval.
Let me know if you guys have any questions; I will be more than happy to help.
Good luck, and thank you.
Trade closed: target reached
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Scenario two happened: The price will land on one of those support levels as shown on the chart.