without_worries

Cosmos (ATOM ) to $2.50

Short
BINANCE:ATOMUSDT   Cosmos / TetherUS
But first price action shall move to the 11-12 dollar resistance before the downtrend continues.

** trading opportunity **

On the above weekly chart pice action has confirmed a bear flag breakout. The flagpole measurement forecasts an eventual target of $2.50.

Meanwhile a breakout of RSI resistance prints with a weekly bullish engulfing candle. The weeks ahead shall likely print a strong upward move at first until resistance.

Is it possible this resistance test at $12 fails to hold? Sure.
Is it probable? No.

Ww

Type: Trade
Risk: <=6%
Timeframe: Long now this month until resistance
Return: 50% or thereabouts
Comment:
A move to resistance / $12 area next.
Comment:
Approaching resistance area.
Can the bulls push this $4billion batholith through resistance?
Trade active:
Perfect rejection from resistance. The weekly candle that recently printed, do you know what it is called?

www.youtube.com/watch?v=CCzD3ONQ...

Weekly
Comment:
Price action must close above $10 by Monday to void this trade.
Comment:
Price action now must close a weekly candle this week or the next above $13 to void this idea.
Comment:
In the last update:

“Price action now must close a weekly candle this week or the next above $13 to void this idea.”

48hrs until that 2nd weekly candle close and price action struggles still to close above $13. Why?

Look left.. price action is at the scene of the crime, broken market structure. This is the reason for the resistance.

weekly
Trade active:
Don't wish to be a Debbie Downer in a bull market, however as anticipated there are tokens that are not participating in this bull market, ATOM is one of them, just like MATIC amongst others.

On the 5-day chart below a significant bearish divergence has confirmed from broken market structure. Previously such strong bearish divergencies saw a 70% correction. Look left.

5-day
Trade active:
Picking up speed... most recent support has confirmed as resistance.

4 day
Comment:
Price action rejects the weekly 50-sma, which is also the channel resistance drawn in the published chart. Correction should pick up speed for price action in the coming weeks.

Week
Comment:
Only another 60% to go!
Comment:
Almost there. Today price action takes the Black slope.
Once you start there's no stopping!



BTC
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Allow 3-6 months on ideas. Not investment advice. DYOR
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