Broke its ATH, retested prior high for support (twice), pushing back above ATH and currently struggling to flip support.
Positives-
Big RSI divergence. You can see the RSI dropped signifigantly over the past week with very little give on the price over its comparable time.
Love the double bottom off the prior high.
Negatives-
Sell volume the last 1.5 days is notiibly outdoing the buy volume.
Neutral-
The last week has set up a nice little channel to trade in. Stop loss @ $7.00. Entry obviously the moment we get a full 1 day candle open/close above the ATH.
In the meantime it might bounce around in there for another day or two for the longs to build momentum against the short resistance.
Definately breaking higher and target is $13+ in the 3-7 days.
Good luck.
Definately not advice. I'm an idiot. do the opposite. i'm just special and need to put my thoughts in writing.
Positives-
Big RSI divergence. You can see the RSI dropped signifigantly over the past week with very little give on the price over its comparable time.
Love the double bottom off the prior high.
Negatives-
Sell volume the last 1.5 days is notiibly outdoing the buy volume.
Neutral-
The last week has set up a nice little channel to trade in. Stop loss @ $7.00. Entry obviously the moment we get a full 1 day candle open/close above the ATH.
In the meantime it might bounce around in there for another day or two for the longs to build momentum against the short resistance.
Definately breaking higher and target is $13+ in the 3-7 days.
Good luck.
Definately not advice. I'm an idiot. do the opposite. i'm just special and need to put my thoughts in writing.
Trade active
excellent start to the breakout. Almost hitting $13 intraday. Just like ETH and LINK (having both recently broken prior cycle ATH's, its healthy to retest prior resistance as support. So don't be suprised if it drops down hard to retest the $9.12 area. Thats just a great opportunity to finish packing the bags. I like ATOM as a project, but admittedly i'm trading it's short term value as a coin in uncharted territory (aka 'price discovery'). To sell.
No longer need a stop loss at $7.00 (or any value for that matter). If your platform allows a trailing stop order i would stick a $0.25 cent stop behind it after reaching $12.50. NOT this first pump but after it retests for support at $9 and subsequently climbs back to $12.50.
Then i've got a limit sell order at $15.00 to exit the position. Worst case my stop loss is $12.25 but as a trailing order i suspect it'll close between $14-15 in 2-3 days. 75-87.5% 4 day expected return
Trade closed: target reached
Reached it ALOT faster than i expected. Will be closing my trade out here, 2x in 7 days. Could continue its price discovery and potentially hit its 2.618 fib level (@ $19) but i suspect its got to come down to hit its 1.68 level to test support (@ $13.20) first.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.