CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

77.48% of retail investor accounts lose money when trading CFDs with this provider.

Crypto Update: ICPUSD can buyers continue the new trend?

Published: 05.04.2022
by Joseph Jeffriess

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.


* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.

Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.

Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.