One of the most exciting altcoin charts is Cosmos. There are many things to note. Some are bullish, and some are bearish.
On the bearish side, ATOMBTC rallied and then failed, right at the 23% retracement of its June - September down move. Looking at this, you could make an argument that ATOMBTC will return to its low or make a new low.
On the more constructive side, we would like to see ATOMBTC hold support near its 21-day moving average near 2687. The 21-day moving average has been a huge inflection point for ATOMBTC since June (green arrows). A break of the 21-day moving average started the down move in June. Each time ATOMBTC revisited and then failed at the moving average, it turned around and dropped again.
Bottom Line: It will be interesting to see if a drop to the 21-day moving average will bring in buyers. If it doesn't, then ATOMBTC may be caught in the altcoin tax-loss selling vortex. Conversely, if ATOMBTC does bottom out near the 21-DMA, dip buyers may step in.
On the bearish side, ATOMBTC rallied and then failed, right at the 23% retracement of its June - September down move. Looking at this, you could make an argument that ATOMBTC will return to its low or make a new low.
On the more constructive side, we would like to see ATOMBTC hold support near its 21-day moving average near 2687. The 21-day moving average has been a huge inflection point for ATOMBTC since June (green arrows). A break of the 21-day moving average started the down move in June. Each time ATOMBTC revisited and then failed at the moving average, it turned around and dropped again.
Bottom Line: It will be interesting to see if a drop to the 21-day moving average will bring in buyers. If it doesn't, then ATOMBTC may be caught in the altcoin tax-loss selling vortex. Conversely, if ATOMBTC does bottom out near the 21-DMA, dip buyers may step in.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.