ICP A CASE FOR A POSSIBLE BREAKOUT

20 thg 10, 2021

ICPUSDT OCT 20, 2021

OVERVIEW:
1. ICP has been consolidating since June, around 5 months now.
2. It also ranging between $40 and $55 for the last 30days.
3. Double bottomed already at $40 range. Hovering around this price for 9 days now.
4. If $40 is broken on the daily (a body close below $40) next possible support is $37.
5. if price move below $40, anything can still happen like a retest of $30 level.
6. If price stays above $40, it will be very attractive for the bulls.

BREAKOUT POSSIBILITY:
1. In this current range, $55 is the first target to break to confirm a breakout.
2. Next resistance to break is $80.
3. RSI and MACD on daily are still in oversold range.
4. $40 support has to be maintained.
5. Price should not close below $41.9 on monthly.
6. 3 Day RSI still never crossed 50 level, MACD never crossed above zero since launch.
5. Price has to break and stay above 55EMA on daily
6. On small TF particularly 1hr and 4hr chart, price has to stay above 200EMA and continue to trend above it.

POSSIBLE FAILURE:
1. The most reasonable cause of ICP to crash below $40 is if BTC fail to break above it's all time high at 65K (currently at $64 now).
2. If ICP price dip below $40, it my trigger a lot of stop loss orders.
3. On 4HR time frame price haven't close below $42.4 since Oct. 16, close below that could possibly invalidate the current higher lows that has been developed this last 9 days.

CONCLUSION:
Although price is very attractive, however the fear of a crash can not be negated due to current price level of Bitcoin. Volume is currently on BTC, we're not on alt season yet. BTC can pull almost everything down with it if fails to regain or to make new ATH. Most alts are still waiting for permission from BTC including ICP.

Comments and constructive criticism will be appreciated. Thanks for checking my work!
**Disclaimer;
Definitely not a financial advice.