$ICP
Trading Strategy Based on Depth Chart and Technical Analysis
Support Levels:
1.The depth chart suggests a strong support around $7.07 and $4.80. These could be good entry points for buying, as there is significant buying interest at these levels.
2.Based on the previous chart analysis, the Fibonacci retracement level of $8.13 can also act as a support.
Resistance Levels:
1.There is notable resistance around $9.42 and $11.25. These levels could be targeted for profit-taking or setting stop-losses for short positions.
Indicators Confirmation:
1.The Stochastic RSI indicates the market is in an oversold condition, which aligns with the buying interest shown in the depth chart.
2.The MACD bullish crossover suggests a potential upward movement, supporting the idea of buying at support levels.
Conclusion
Based on the depth chart and the technical analysis, the market shows potential for an upward correction, with strong support levels around $7.07 and $4.80. The recent developments in the ICP project indicate ongoing innovation and community engagement, which are positive for its long-term prospects. However, the resistance levels around $9.42 and $11.25 need to be monitored closely.
My opinion: BUY IT. (but overall depends on $BTC )
