EthanTW

ICPUSDT - Long or Short? some thing we need to notice!

Long
BYBIT:ICPUSDT   ICPUSDT SPOT
ICPUSDT
1H trend chart
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Long
Price has stopped falling since hit high on 10/6 and keep consolidating now.
We can expect it is going to break out the long-term downtrend line.
If this downtrend line is taken out, there is a timing for entry.
But I suggest to long after confirming the price stands firm at $45.48(blue horizontal ray)
Short
A potential Head and Shoulders pattern is forming...
Therefore, should be very careful if the lower uptrend line is broken out.

I prefer to long it, so if it does as we presume above, trading strategy as below.
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Profit Targets:
a) 47.48----Fib(1)
b) 49.51~50.34----Fib(1.272~1.382)
c) 54.96----Fib(2)
Stop losses:
I will provide it depend on the timing I open position.
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