Hey guys today i'm going analysis ATOM USDT pair in 4H time frame, let's jump in to the chart.
1)This is short term analysis,in first we have Rising Wedge pattern and then price Rejected few time from Resistance line and after few Rejections price moved down to test Support line and price bounced from Support line and moved to upside again, so then price didn't move for test again Resistance line and Rejected from Mid point from Rising Wedge pattern, this is bad sign if price can't move and test Resistance level after support level and Rejected from Midpoint line of Wedge .If we saw this type of scenario and we did now, a lot of chance price will BreakDown after testing Support line.
2)If price close candle at $9.8 in 4H time frame so we can confirm Break Down Target would be approximately $9.
3) MACD have Bearish Cross and Histogram are turned red now, so this is also bear sign.
Have a Good Day)))
1)This is short term analysis,in first we have Rising Wedge pattern and then price Rejected few time from Resistance line and after few Rejections price moved down to test Support line and price bounced from Support line and moved to upside again, so then price didn't move for test again Resistance line and Rejected from Mid point from Rising Wedge pattern, this is bad sign if price can't move and test Resistance level after support level and Rejected from Midpoint line of Wedge .If we saw this type of scenario and we did now, a lot of chance price will BreakDown after testing Support line.
2)If price close candle at $9.8 in 4H time frame so we can confirm Break Down Target would be approximately $9.
3) MACD have Bearish Cross and Histogram are turned red now, so this is also bear sign.
Have a Good Day)))
Trade active:
Open SHORT target now diagonal support was Broken
Order cancelled:
Stop Short Position
Trade closed: target reached:
Target Reached $9.1