Internet Computer: Bullish Chart + Trade Signal ->14% Potential

Jul 21

ICP continues its solid uptrend and has recently climbed above two significant levels. Additionally, it flashed a strong buy signal on the daily chart. Here are all the details 👇

1️⃣ Downtrend + EMA200 Resitance Smoked ✅
After hitting its local bottom at the beginning of July, ICP smashed two crucial resistances just one week ago. Almost simultaneously, it climbed above its long-term downtrend line and the EMA200. Additionally, it retested both levels shortly after.

2️⃣ Long-term U-Shape ✅
At the beginning of June, ICP lost the crucial support at ~11.6 and consequently dipped hard. However, the token has formed a U-shape pattern that points back to the previous support.

3️⃣ Just today, ICP flashed a strong buy signal on the daily chart. The EMA crossover signals an even stronger uptrend and shows solid backtest results (although based on a few appearances).

💡Putting it all together
Based on the recent performance, the chart pattern, and the trade signal, it is likely that ICP will tackle the resistance at ~11.6 next. Based on the current level, it has a potential of 14%. Logically, a break of the resistance would indicate a much higher potential.