BTC remains weak—don’t expect old coins to charge in solo!
$ICP Current price 2.458, +1.95%. For the short term I’m slightly bearish: this is a test of the upper end of the range after the bounce from the 2.18 low, not a trend reversal trigger. The 2.33–2.48 zone has been grinding back and forth for several days; spot trading volume has already fallen from about 107 million on Aug 23 to about 34.24 million on the 29th, and bids haven’t kept up.
Futures funding is still positive, and OI hasn’t shown any strong short-covering—there isn’t enough “squeeze fuel” for the rebound.
Strategy: Don’t chase longs. If it gets rejected at 2.48–2.50, reduce positions or take a light short. First support is 2.40; stronger support / the long-short line is 2.33. If it breaks down, look to 2.20. Only if it holds above 2.50 with volume can the bearish view be overturned; then the target is 2.70.
$ICP Current price 2.458, +1.95%. For the short term I’m slightly bearish: this is a test of the upper end of the range after the bounce from the 2.18 low, not a trend reversal trigger. The 2.33–2.48 zone has been grinding back and forth for several days; spot trading volume has already fallen from about 107 million on Aug 23 to about 34.24 million on the 29th, and bids haven’t kept up.
Futures funding is still positive, and OI hasn’t shown any strong short-covering—there isn’t enough “squeeze fuel” for the rebound.
Strategy: Don’t chase longs. If it gets rejected at 2.48–2.50, reduce positions or take a light short. First support is 2.40; stronger support / the long-short line is 2.33. If it breaks down, look to 2.20. Only if it holds above 2.50 with volume can the bearish view be overturned; then the target is 2.70.