Hello, everyone!
Let’s take a look at the Internet Computer (ICP). It has a huge post-listing price drop and now it looks like the accumulation. According to Fibonacci retracement analysis for the last impulse move to the upside we can conclude that the price is in the Buy Zone. If the daily candle close below 0.78 Fib ($40) the bullish scenario is cancelled.
If the price will break through to the upside from the current Buy Zone and Trendline Resistance the potential growth could be to the Fibonacci extension levels 1 and 1.61 ($98-$136). Another one evidence for the further growth is the Bullish Divergence with the Awesome Oscillator. This is the strongest signal in TA.
We can buy now with the short stop loss below $40 or waiting for breakout confirmation to execute the long trade.
