ICPUSDT is creating a diamond pattern
Updated
The price created a falling wedge on the daily timeframe and had a nice breakout from it and from the weekly resistance (21.20$)
On the daily timeframe, the price is creating a diamond pattern after a rejection form the 22.25$
How to approach?
For a long scenario, the price needs to have a breakout from the Diamond pattern and 4h resistance and retest it as new support.
Otherwise, if the Diamond pattern is confirmed, we could see a retracement on 0.618 Fibonacci level for new liquidity and a new bullish impulse.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the daily timeframe, the price is creating a diamond pattern after a rejection form the 22.25$
How to approach?
For a long scenario, the price needs to have a breakout from the Diamond pattern and 4h resistance and retest it as new support.
Otherwise, if the Diamond pattern is confirmed, we could see a retracement on 0.618 Fibonacci level for new liquidity and a new bullish impulse.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
the price needs to flip the 4h resistance on 24$ for the bullish continuation.We could see a retracement until the 0.5 Fibonacci level
no trade zone so far
Note
The price is testing the major resistance on 23$We are waiting for the breakout!
A nice retest on 0.382Fibonacci level. I want to see a new breakout from it!
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