So far ICP after its 96% free fall began trading in a downward channel, which its respected the upside (tested twice on dead cat bounces by scalpers) and went directly to the bottom of the channel (56% loss). The buyers are not strong support as they’re buying to scalp due to the asset falling 96%, and aren’t long term holders.
The last time the upper boundary was tested, it was immediately slammed to the bottom of the channel (50+ % loss). The short I recommended taking at $52, I would take profit at $25.
I do believe Bitcoin will retest $40,000 and go into a renewed bull rally, as it’s way oversold, but I do not see a sustained ICP rally, nor it moving above $60. If not already in a short, I would wait for the Bitcoin daily close, and if ICP is up more than 10%, open a short position and take profit at $25.
More exchanges are supporting shorting ICP, I currently use FTX perpetual, but I believe Huobi also have opened the ability to short ICP if you already have an account there.
The last time the upper boundary was tested, it was immediately slammed to the bottom of the channel (50+ % loss). The short I recommended taking at $52, I would take profit at $25.
I do believe Bitcoin will retest $40,000 and go into a renewed bull rally, as it’s way oversold, but I do not see a sustained ICP rally, nor it moving above $60. If not already in a short, I would wait for the Bitcoin daily close, and if ICP is up more than 10%, open a short position and take profit at $25.
More exchanges are supporting shorting ICP, I currently use FTX perpetual, but I believe Huobi also have opened the ability to short ICP if you already have an account there.