ATOM has had a massive 124% gain since it's bottom and steadily continued to trend higher over the last 2 months.
No doubt, ATOM will be a solid performer this bear market and next bull market, much bullishness. ;)
But with 6 consecutive candles rejected at supply zone & volume dying its not looking so great at the moment.
Look for sideways movement over the next few days or a break down with failure to close above 12.45 or with a Bitcoin breakdown. A body close below 11.44 and it's likely go time.
BTC breakdown increases successful odds of a solid shorting opportunity likely across the board for most alts.
Risk to Reward is great here but always roll w/ a stop loss and proper position sizing.
No doubt, ATOM will be a solid performer this bear market and next bull market, much bullishness. ;)
But with 6 consecutive candles rejected at supply zone & volume dying its not looking so great at the moment.
Look for sideways movement over the next few days or a break down with failure to close above 12.45 or with a Bitcoin breakdown. A body close below 11.44 and it's likely go time.
BTC breakdown increases successful odds of a solid shorting opportunity likely across the board for most alts.
Risk to Reward is great here but always roll w/ a stop loss and proper position sizing.
Trade active:
ATOM update - Like most of the market ATOM has (for the time being) been rejected at a critical level. Unlike many coins, ATOM has performed not only really well but in a very healthy manner.
Jumping down to a lower time frame we can see that it could not close above 12.45 and is currently flirting with the low end of 11.40'ish.
Short is in profit however, the level to watch has not failed and ATOM is still trending with in a longer term upward channel.
1D close below 11.40 or break of the lower channel and its likely game on.
If you wanted to hedge you could look to open a long at a re-test of the lower channel and wait to see which direction it breaks towards, ultimately closing either the short or long.
As a trade enters profit its never a bad idea to move your stop loss to lock in profit or prevent a loss. However, if you make your stop loss to tight you risk getting stopped out sooner since crypto is highly volatile.
Jumping down to a lower time frame we can see that it could not close above 12.45 and is currently flirting with the low end of 11.40'ish.
Short is in profit however, the level to watch has not failed and ATOM is still trending with in a longer term upward channel.
1D close below 11.40 or break of the lower channel and its likely game on.
If you wanted to hedge you could look to open a long at a re-test of the lower channel and wait to see which direction it breaks towards, ultimately closing either the short or long.
As a trade enters profit its never a bad idea to move your stop loss to lock in profit or prevent a loss. However, if you make your stop loss to tight you risk getting stopped out sooner since crypto is highly volatile.
Trade active:
Market looking good if you are a Bear but I would not get married to the idea of a lower bottom incase it does not happen. In trading it's not about being right or wrong. Its about adjusting to the information you have from a puzzle thats always incomplete in order to make the best decision possible.
Keep an eye on key support levels and previous pivot lows.
Keep an eye on key support levels and previous pivot lows.
Trade active:
Closing out 50% of the trade for a 12% profit. Many LTF indicators are resetting even though PA is still below critical levels.
Will move stop loss down to around 11.55 incase ATOM recover previously lost support.
If the remaining 50% of the position is stopped out it will give 5% profit which is acceptable reward vs. break even or loss.
Should ATOM not reclaim previous support I will allow the trade to move closer to its original target.
Will move stop loss down to around 11.55 incase ATOM recover previously lost support.
If the remaining 50% of the position is stopped out it will give 5% profit which is acceptable reward vs. break even or loss.
Should ATOM not reclaim previous support I will allow the trade to move closer to its original target.
Trade closed: stop reached:
Stop reached after moving it down to 11.55 to lock in profit incase ATOMs reversal continued, which it did.
Original position was split into 50/50 which worked out great since the full target was still 5-6% away.
At the time of update, if you did not move your stop loss ATOM has not reached the break even level or printed a new local high as it has put in a lower high and may print a 3rd lower high on 4hr which could give an opportunity to double dip and ride it back down if we see buyers fatigue.
Original position was split into 50/50 which worked out great since the full target was still 5-6% away.
At the time of update, if you did not move your stop loss ATOM has not reached the break even level or printed a new local high as it has put in a lower high and may print a 3rd lower high on 4hr which could give an opportunity to double dip and ride it back down if we see buyers fatigue.