ATOMUSD Divergence on RSI but trade on confirmation

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For this particular analysis on COSMOS we are using the ATOMUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame where Cosmos has been trading under a Lower Highs trend-line since April 03 2022 and the 1D MA50 (blue trend-line) since April 06. The trend remains bearish towards the next Fibonacci levels (2.5 at 6.163 and 3.0 at 4.146) unless the price breaks above the 1D MA50.

With the 1D RSI on Higher Lows while the price has been on Lower Lows, i.e. on a Bullish Divergence, it might be the time for that bullish break-out above the 1D MA50, being a similar structure as Nov 20 - Dec 20 2021. In the event of a 1D candle close above the 1D MA50, ATOM should target on the medium-term the 1D MA200 (orange trend-line) which right now sits exactly on the Lower Highs trend-line (dashed line) of the January 17 2022 High. A closing above the 1D MA200 would set the price on long-term bullish territory again.



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