Hello traders .
in the last couples of weeks ,we saw huge pump for one of the most favorite ALTCOINS named ATOM . so in this idea i wanna take look at this coin and as you in the title , this coin created beautiful triangle , so let's dive into the chart for find out what exactly gonna will happen for this coin.
let's start with the daily time frame :
in the daily time frame we can see , after price break the weekly structure (red box) and retest it ; start to rise about 150% , this is very big move so it's very obvious for us , that the overall trend is bullish , and you must know that the triangle is usually count as trend continuation pattern ; so this triangle should be break to the upside , but there is no 100% guarantee for this .
in the chart we see a clear bearish divergence between RSI and the price , so this is not very good sign for ATOM , but the overall trend is bullish and trend is our friend until the end , but always be a little cautious when see this divergence in the market ; but let's look at the 4H time frame :
in the 4H chart , we could see something like above picture , usually i like to measure the triangle target by using the fib tools ; we can also count this triangle as bigger W pattern , and usually W pattern targets , after breaking the neck line could be around 1.618 fib level .
if we want to measure the triangle target like below picture , we see the same target for this pattern :
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
in the last couples of weeks ,we saw huge pump for one of the most favorite ALTCOINS named ATOM . so in this idea i wanna take look at this coin and as you in the title , this coin created beautiful triangle , so let's dive into the chart for find out what exactly gonna will happen for this coin.
let's start with the daily time frame :
in the daily time frame we can see , after price break the weekly structure (red box) and retest it ; start to rise about 150% , this is very big move so it's very obvious for us , that the overall trend is bullish , and you must know that the triangle is usually count as trend continuation pattern ; so this triangle should be break to the upside , but there is no 100% guarantee for this .
in the chart we see a clear bearish divergence between RSI and the price , so this is not very good sign for ATOM , but the overall trend is bullish and trend is our friend until the end , but always be a little cautious when see this divergence in the market ; but let's look at the 4H time frame :
in the 4H chart , we could see something like above picture , usually i like to measure the triangle target by using the fib tools ; we can also count this triangle as bigger W pattern , and usually W pattern targets , after breaking the neck line could be around 1.618 fib level .
if we want to measure the triangle target like below picture , we see the same target for this pattern :
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas