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
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A move to resistance / $12 area next.
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Approaching resistance area. Can the bulls push this 4billion batholith through resistance?
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Perfect rejection from resistance. The weekly candle that recently printed, do you know what it is called?
Price action must close above $10 by Monday to void this trade.
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Price action now must close a weekly candle this week or the next above $13 to void this idea.
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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
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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
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Picking up speed... most recent support has confirmed as resistance.
Nothing against you but 90% of your TA are inaccurate . I been pay attention on your TA. Not sure you did it on purpose for other to sell and you scrap on the cheap price.. but you and the other person swallow premium are terrible
Not here to argue, just to put another perspective I don't have position and i won't have
without_worries
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@xChad, Please share, I don't have a position or trade in this token, just sharing an idea like yourself. I can see you've mapped out trend lines of support and resistance. On your chart you will notice the repeated test of support at $6. The test occurs as price action prints lower highs lower lows, a downtrend. My mentor once informed me, chiselled into my head two questions I must always ask myself before even thinking of thinking about a long position. What is the trend? Support or resistance, which is it? It is clear I hope to all who answer those questions that both have negative answers. A time will come when that is not true, therefore we must wait.
xChad
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This is all true. Volatility is increasing and emotions are all over the place. We wait and we see:)
without_worries
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@xChad, Watch this monthly candle close in 13 days. You cannot remain bullish if this candle closes as bearish engulfing, it would be akin to throwing petrol on your burning cash.
xChad
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@without_worries that’s also true, but a lot of alts are looking the same at the moment. A lot can happen between now and the end of the month