Altcoin Trading Diaries #1: ATOM, 1H Trading the Trend
Hasn't been going well with BTC past few trades. Switching to my favourite Alt to trade for a while - hopefully will get rid of some cognitive bias existing for BTC.
ATOMUSD.P
Double top formed on hourly chart - confirmed supply zone on 4H.
RSI shows regular bearish divergence - price has reached the same level, but buyer momentum has vastly decreased.
Profit taking level to the 0.382 fib level, coincides with 50MA and the base of the previous long green bar. Price action from long green bar tells us no buyers left between our entry and profit-taking level.
Stop-loss just above the double top.
Feel free to critique and/or share your opinion.
ATOMUSD.P
Double top formed on hourly chart - confirmed supply zone on 4H.
RSI shows regular bearish divergence - price has reached the same level, but buyer momentum has vastly decreased.
Profit taking level to the 0.382 fib level, coincides with 50MA and the base of the previous long green bar. Price action from long green bar tells us no buyers left between our entry and profit-taking level.
Stop-loss just above the double top.
Feel free to critique and/or share your opinion.
Trade closed: stop reached