Hello everyone, I invite you to review the ATOM chart in pair with USDT, on a one-day time frame. First, we will use the blue lines to mark the downward trend channel in which the price is moving in the lower range, and it is also worth using the yellow line to define the downward trend line from which we can see that the price has gone up.
Going further, we can move on to marking support areas in a situation when the price returns to a strong correction, for this purpose we will spread the Fib Retracement grid and we can immediately see that the price is struggling to break out of the very strong support zone from $8.01 to $5.52.
Looking the other way, we see that first there is resistance at $10.35, and then we will be able to see an upward movement towards the strong resistance zone from $12.99 to $14.81.
Please look at the CHOP index, which indicates that there is still energy for a move, the RSI indicator approached the upper limit, which resulted in another rebound, similarly you can see on the STOCH indicator that when it went up, from the upper limit of the range, the price started to turn back and you can see that I have room for a bigger drop.
Going further, we can move on to marking support areas in a situation when the price returns to a strong correction, for this purpose we will spread the Fib Retracement grid and we can immediately see that the price is struggling to break out of the very strong support zone from $8.01 to $5.52.
Looking the other way, we see that first there is resistance at $10.35, and then we will be able to see an upward movement towards the strong resistance zone from $12.99 to $14.81.
Please look at the CHOP index, which indicates that there is still energy for a move, the RSI indicator approached the upper limit, which resulted in another rebound, similarly you can see on the STOCH indicator that when it went up, from the upper limit of the range, the price started to turn back and you can see that I have room for a bigger drop.