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ICPUSDT

ICP shortTotal Market: - Falling back during consolidation, expecting another retest of support Daily: - Broke below daily support 4H: - broke below support, retested and turned resistance, got rejected @ 20 EMA & formed a bearish engulfing candle close. Current 4H candle currently rejecting higher with wick 1H: - Had Bearish engulfing breaking out of short term uptrend line Trade Management: - Plan on adding to position upon breakout of low / 1.0 fib extension level Stop loss: 18.81 - Inside of strong previous support, above local high Take profit: 13.44 - 1.618 fib extension level (all time low so dont have price to the left to use as a potential target point)
Short
by CMSTrading
ICP - The Breakout. ICP is within a descending correction and we're in the E wave now. Sometimes the E wave can fall short so we should be prepared if we breakout early. Risk entry would be a break of the descending trendline. Ideally we'd want ICP to make another low but we should be prepared for both scenarios. Trade Idea: - simply wait for the breakout and enter with stops below the lows - If we drop lower once more, watch for lower timeframe trend reversal patterns e.g. bullish engulfing candles on 4H. Enter then with stops below the lows - Targets: 37, 57, actively manage the rest Goodluck!
by Altsignals
4