We have a clear descending channel on the Cosmos (ATOMBTC) chart.
The blue sections on the channel are called "excesses." This can be confirmed because the action is quickly corrected as soon as it happens.
➖ When the excess happens to the downside, there is a strong upward reversal right away. ➖ When the excess happens to the upside, there is a strong correction right away.
The action later resumes perfectly within the descending channel.
👉 The RSI bottomed June 2023 and has been printing higher lows since.
👉 Trading volume starts to increase late October 2023 and this is when most of the Altcoins trading pairs hit bottom.
👉 A recent lower low coupled with the strong RSI bullish divergence can signal a reversal; an upcoming change of trend. And this is what is likely to happen and what we expect.
👉 The initial jump can lead to a 130% jump but that is only short-term. Additional growth can happen in 2024, the best year for the Cryptocurrency market since 2021.