【$ICP Signal】Long | 1H Breakout and Retest Confirmed, Negative Funding Rate Indicates Short Squeeze Imminent

$ICP The 1H timeframe is consolidating strongly above the EMA20 (2.395), just formed a volume-driven bullish candle, confirming the retest of yesterday’s high is complete. The 4H timeframe has broken above the downtrend line, with price above EMA20 (2.268), shifting the trend from bearish to bullish. The negative funding rate (-0.0333%) combined with firm price action suggests potential for a short squeeze.

🎯Direction: Long (Long)

🎯Entry/Order: 2.430 - 2.435 (Reason: Breakout on 1H timeframe retest zone, order book shows dense buy orders )

🛑Stop Loss: 2.370 (Reason: Break below previous low on 1H and EMA50 support, ATR-based stop loss )

🚀Target 1: 2.520 (Reason: Resistance at previous high on 4H timeframe )

🚀Target 2: 2.590 (Reason: 1.618 Fibonacci extension level, corresponding to previous rebound high )

🛡Trade Management:

- Position Size: Standard lot (Reason: 1H/4H confluence upward, risk-reward ratio >2 )

- Execution Strategy: Reduce position by 50% after reaching Target 1, move stop loss to entry price. Hold remaining position for Target 2. If price stalls near Target 1, consider taking full profit.

Deep Logic: Price surged 10.58% but open interest remained stable, indicating this is not just a short squeeze from forced liquidation but also new long capital entering. The 1H RSI (61.34) is healthy and not overbought. Market depth shows buy orders (bids) are significantly thicker than sell orders (asks), with a depth imbalance of 5.01%, indicating strong support below. Coupled with the negative funding rate, short positions have high holding costs, making further upward movement likely to trigger a short squeeze.

View real-time market 👇 $ICP

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