Hello all, welcome back to another trade analysis!
Today we are looking at ATOM/BTC on the daily timeframe on Binance. As we can see on the chart, after a nice rally, this coin has been retracing for the past month.
An ABC correction wave can be seen on the chart and prices fell below the 200 EMA at one point but this coin has printed a higher low. The coin is now trading above the 50, 100, and 200 EMAs again, which is a bullish signal. Additionally, the MACD shows a bullish cross just a few days ago, and the RSI is rising steadily. There was also good volume coming in on this coin, and after a small selloff, prices seem to have caught support above the 100 EMA (blue).
This coin can grow a lot, rapidly, and I am bullish on it. My current entry is around 4600 satoshis. The 4600 - 5400 satoshi range could be a potential entry for a long position. A key resistance is at the 0.382 Fib retracement level, around 5200 satoshis.
Keep your eyes on this pair, as a breakout past this 5200 satoshi level could lead to a massive rally (prices can go up just as fast as they fell down a few weeks ago).
Leave your own thoughts comments down below. Leave a like if you enjoyed the post, and follow me for more ideas if you liked this one. Thanks for reading, happy trading!
Price at writing: 5009 satoshis.
Today we are looking at ATOM/BTC on the daily timeframe on Binance. As we can see on the chart, after a nice rally, this coin has been retracing for the past month.
An ABC correction wave can be seen on the chart and prices fell below the 200 EMA at one point but this coin has printed a higher low. The coin is now trading above the 50, 100, and 200 EMAs again, which is a bullish signal. Additionally, the MACD shows a bullish cross just a few days ago, and the RSI is rising steadily. There was also good volume coming in on this coin, and after a small selloff, prices seem to have caught support above the 100 EMA (blue).
This coin can grow a lot, rapidly, and I am bullish on it. My current entry is around 4600 satoshis. The 4600 - 5400 satoshi range could be a potential entry for a long position. A key resistance is at the 0.382 Fib retracement level, around 5200 satoshis.
Keep your eyes on this pair, as a breakout past this 5200 satoshi level could lead to a massive rally (prices can go up just as fast as they fell down a few weeks ago).
Leave your own thoughts comments down below. Leave a like if you enjoyed the post, and follow me for more ideas if you liked this one. Thanks for reading, happy trading!
Price at writing: 5009 satoshis.