ICP → Ascending Triangle Breakout! Take Advantage of This Long.Internet Computer Token is knocking on the gates of resistance in a bullish ascending triangle pattern! It seems inevitable that the price will reach higher highs, but do we have enough data to enter a long now?
How do we trade this?
We have these key bullish data points; the macro trend, ascending triangle pattern, RSI above the Moving Average, and Bitcoin as a leading indicator reaching new highs. It may seem like longing now is a great idea, but it's risky for one very important reason; we're at resistance. There isn't enough room for reward against our risk, which is at least just below the 30EMA ribbon.
Confirmation of a breakout is necessary in this analysis. Once the price breaks out and tests prior resistance as support, it's reasonable to long. Place your protective stop just below the top of the triangle or EMA ribbons and your take profit just before the next resistance zone.
Since we're at resistance, be prepared for the market to reverse and trade accordingly!
Trade Idea
Long Entry : $5.20
Stop Loss: $4.24
Take Profit: $6.60
Risk/Reward Ratio: 1:2.5
Key Takeaways
1. Ascending Triangle, Bias to Long!
2. Macro Trend is Bullish
3. Wait for Resistance to Break before longing.
4. RSI at 60.00 and above Moving Average, Supports Long.
5. After breaking Resistance, Long after test of Support.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
