ICP bullish setup and high risk/reward ratio
ICP broke out of a long-term RSI trend on 1D followed by a bullish rsi divergence. Today as bitcoin hit a new intraday high followed by the 15% gains from yesterday (due to the Ukraine/Russia crypto inflows), ICP is painting a bullish picture.
In fact ICP has been scraping the floor of heavily oversold RSI areas since January. There is a bullish breakout in the candle chart as well on the 1D timeframe and it is possible the following bullish scenario and targets play out:
T1: 24
T2: 26
T3: 32
It is recommended to have a short stoploss here, since the geopolitical factors could artificially influence the crypto rally, even as correlation to equities is diminished due to its newfound safe haven and inflation hedge status during the war conflict. Stoploss at $17.35 is a decent risk/reward ration considering the targets.
In fact ICP has been scraping the floor of heavily oversold RSI areas since January. There is a bullish breakout in the candle chart as well on the 1D timeframe and it is possible the following bullish scenario and targets play out:
T1: 24
T2: 26
T3: 32
It is recommended to have a short stoploss here, since the geopolitical factors could artificially influence the crypto rally, even as correlation to equities is diminished due to its newfound safe haven and inflation hedge status during the war conflict. Stoploss at $17.35 is a decent risk/reward ration considering the targets.
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