Basic Elliott and volume analysis here pointing to a further run into the rest of Q1 2020.
0.0005 is the firm support for ATOMBTC in this move. Below that would negate this scenario and would require re-analysis.
As evidenced on the chart, the 12-hour bar chart of ATOMUSD just closed above the previous recent 12-hour bar high for the first time since this decline started back in June.
Basic trend change indication.
The next sign of a reversal I'm looking for is a close, on more volume than what we just saw, above $2.60 resistance.
Basic e-wave here with my own touch.
Basically as long as price didn't break above 11.2k here this remains in play.
This scenario also matches up with the fractal I've been posting about on my Twitter.
Tried and true crypto indicator here which 95% of the time signals a trend change in most crypto's I've encountered...we'll see if ATOM plays along.
Breaking above $4.20 would signal a breakout up out of the triangle.
Breaking below the light red and thick red lines at about $3.50 would be pretty bad. Simple as that.
This is such an early-stage theory still, so I'm very hesitant to believe it...but what if ATOMBTC/ATOMUSDT, a newly-traded up-and-coming token from Cosmos (which I am very, very long already) are tracing out a fractal of ETH in its early months when it was a newly-traded token.
I'll be keeping an eye on it. So far the volume signatures (not pictured here because...
This uses that same fractal but projects it out....waaaay out.
So by Dec. 2019 this says ETH might be back at the $1400 highs, only to make a double-top and come back down quite a bit in 2020. but by 2022-2023 it projects a steady rocket-ship up to like $9k....!.... Ya crazy stuff, these fractals.
I came upon this price-action of summer 2017 by chance today. Basically, ETH had gotten ahead of itself in a big way, reached $400 and then EOS started their crowdsale and started dumping ETH like mad. ETH fought the good fight for a couple months but pretty much had itself a mini-bear market correction which ended with price reaching stupid-low prices before...
There's speculation around the Cosmos Telegram, unofficially of course, that a big announcement will be made at DevCon4 here in the remaining days. Some interesting posts, nothing specific though, have made it sound that it likely has to do with Cosmos' partnership ('Hard Spoon') with OmiseGo and possibly could be a hard date given for when the hard spoon snapshot...
My Elliott Theory says this decline has 1 more possible low to it and then it's potentially off to a month of consolidation sideways to complete a wave 2 bottom followed by wave 3 in September.
Basically, go on vacation for the rest of the month...nothing to see here for awhile.
So ya, I'm bullish. My Elliott wave analysis shows that $404 was a wave 2 bottom and we're now in a wave 3. Pay attention to the notes here though. If this is a wave 3 it must be explosive, and must be get well above the low-$900's and then mustn't break back below that mid-$800's wave 1.
Additionally in the short-term we have a nice inverse head-and-shoulders...