Oct 8, 20:00. $ICP just finished what looks like a bearish flag breakdown on the 2h.
Story so far: topped at 3.6, slipped through 3.25, then spent a bunch of 2h candles coiling in a tight 3.15–3.25 range. Tonight's candle broke the lower edge on real volume. Entry around 3.119 with the stop above 3.2565 gives a risk reward near 1:3.49.
The caution flag: taker buys hit 59.5% on the breakdown, which is above average. Plenty of dip buying into the break means fakeout odds run a little higher than usual here.
A 2h close back above 3.2565 kills the idea entirely.
Not financial advice.
#ICP #PriceAction #Altcoins
Story so far: topped at 3.6, slipped through 3.25, then spent a bunch of 2h candles coiling in a tight 3.15–3.25 range. Tonight's candle broke the lower edge on real volume. Entry around 3.119 with the stop above 3.2565 gives a risk reward near 1:3.49.
The caution flag: taker buys hit 59.5% on the breakdown, which is above average. Plenty of dip buying into the break means fakeout odds run a little higher than usual here.
A 2h close back above 3.2565 kills the idea entirely.
Not financial advice.
#ICP #PriceAction #Altcoins