Internet Computer (ICP)

On the above 6-day chart price action has corrected 97% since August 2021. A number of reasons now exist to be long, including:

1) Price action and RSI resistance breakouts.

2) Stochastic RSI resistance breakout.

3) Regular bullish divergence as measured over the last 2-3 months.

4) Falling wedge breakout + support. 100% upside target projected.

Is it possible price action corrects some more? Sure.
Is it probable? No.

Ww

Type: trade
Risk: <=6%
Long timeframe: This month
Return: 100% in the 1st instance

Trade active

Comment:

Long from $3 when re-tested for support.

Comment:

40% so far

Trade active

Comment:

60% so far, not long until 1st resistance..

Trade closed: target reached:

125%

Comment:

Had more than a few messages "Price is still going up and you said the target is reached!" Many emotions.

Price action is now up 200% or thereabouts. 75% more than the target and climbing. Here's the rub, the majority of traders out there make the link:

Target = market top / bottom

If you do that, I can safely say you'll leave this bull market will less gains and more frustration. Targets are not a strategy. When you replace Probability with Targets you change your mindset set from Abundance to Scarcity. What a terrible place to be. Every target is a goal, deterministic.

Markets are not governed by determinism, that are controlled by emotions. That makes them probabilistic.

If you want to maximise your gains, learn probability and let others worry about the possibilities.

Comment:

Past resistance (old target) confirms support.

Trade active:

About to print to $30.

Order cancelled: