Crypto Update: ICPUSD can buyers continue the new trend?

Looking at ICPUSD we can see solid buyer demand today. The price holds a 4% gain and is trading up to 22.8. Focus remains on if today’s bullish bar can take the next step and form a new continuation.

After a long, drawn-out downtrend that started in September 2021, price finally showed some signs from the buyer side in March as buyers moved past the long-term downtrend. This move confirmed a descending wedge pattern which can be a trend change signs when confirmed.

So far, so good. The price continues to hold new higher highs and higher lows since breaking past the downtrend line. We can also now see a new short/medium-term uptrend in play. Today’s bar still remains held in a minor consolidation pattern, but if we can see buyers close above 22, this could be a good sign for bulls in the short term. A break and close above 23.5 sets a new higher high and continues to show buyers are in control.

A worry for us would be a move back below 22, which puts price back in the range and casts some doubt on short-term momentum. A move to close below 20 would start to put pressure on the new trend unless we see a quick higher, low and higher high to show buyer support.

ICPUSD D1 Chart

The post Crypto Update: ICPUSD can buyers continue the new trend? appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).