Just a quick update on one of the alts I've been following this year. I ALMOST accumulated some for a swing trade near the $7-9 levels. Here is the post from June, where I considered doing this.
Back in February, I speculated ATOM could drop all the way to $8, breaking the long term uptrend. Here is the post, when price was still near $30.
Since June, ATOM has rallied better than most altcoins from the lows - going up nearly 100% in value within a couple of months. It would have paid to buy those lows and sell now. But would it really have been that worth it? There are already some signs that the rally is about to fall apart. Although there is still potential for it to head back to the $15-20 levels, I decided to open a short alongside my $1700 ETH short, around $12.70 on Friday. I have a stop near break even in case it wants to push a little higher first. Why am I shorting ATOM, of all coins? Well, although I really dislike Tron (TRX) and would love to keep trying to short it profitably, ATOM's volatility is more fun :)
Let's see if we can get a bearish impulse at least back to the lows, near $5.50, and eventually a new low. This idea will be invalidated in the short term with a break above the $13 level and reclaiming the broken uptrend. Bearish confirmation will be a break below the secondary uptrend, currently holding as support. Zoomed in:
This is not meant as financial advice - it is meant for speculation and entertainment only.
-Victor Cobra
Back in February, I speculated ATOM could drop all the way to $8, breaking the long term uptrend. Here is the post, when price was still near $30.
Since June, ATOM has rallied better than most altcoins from the lows - going up nearly 100% in value within a couple of months. It would have paid to buy those lows and sell now. But would it really have been that worth it? There are already some signs that the rally is about to fall apart. Although there is still potential for it to head back to the $15-20 levels, I decided to open a short alongside my $1700 ETH short, around $12.70 on Friday. I have a stop near break even in case it wants to push a little higher first. Why am I shorting ATOM, of all coins? Well, although I really dislike Tron (TRX) and would love to keep trying to short it profitably, ATOM's volatility is more fun :)
Let's see if we can get a bearish impulse at least back to the lows, near $5.50, and eventually a new low. This idea will be invalidated in the short term with a break above the $13 level and reclaiming the broken uptrend. Bearish confirmation will be a break below the secondary uptrend, currently holding as support. Zoomed in:
This is not meant as financial advice - it is meant for speculation and entertainment only.
-Victor Cobra
Trade closed manually:
Alas, closed my short here for profit. Could have closed lower and made more but it doesn’t seem like support wants to give out (yet) for bitcoin.
Trade active:
Re-entered short at $12.08. Let’s see if it can begin a new leg down, or if I get stopped out a bit above break even :)
Trade closed manually:
Stopped myself out. Stocks rallying pretty hard so want to preserve my stack here.
