ATOMBTC | Key Level | Double Bottom | Trend Reversal
Todays Analysis – ATOMBTC – Consolidating at key support, an impulse move to structural resistance is probable as it continues to hold above the 200 EMA.
Points to consider:
- Pivot point (key level)
- Double Bottom/probable head and shoulders
- Macro trend reversal
- Volume influx
- RSI above 50
ATOMBTC trading at a key S/R cluster as it breaks and holds support above the 200 EMA, attempting to break bullish. Body candle closes above this zone, an impulse move to structural resistance is probable.
A bullish continuation from this level validates a double bottom pattern. An S/R flip retest of daily support will form a left shoulder for a probable head and shoulder pattern and also form a higher low on the chart (indicating a macro trend reversal).
The recent influx of volume coincides with bullish price action, adding substantiality to the move. Volume must remain above average to maintain a continuation and avoid any fake-outs.
RSI and stochastics trading above 50 validates strength and momentum in the immediate market: oscillators need to range above 50 to maintain the bullish bias.
Overall, in my opinion, ATOM needs to hold daily support to increase the probability for an impulse move to structural resistance.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Pivot point (key level)
- Double Bottom/probable head and shoulders
- Macro trend reversal
- Volume influx
- RSI above 50
ATOMBTC trading at a key S/R cluster as it breaks and holds support above the 200 EMA, attempting to break bullish. Body candle closes above this zone, an impulse move to structural resistance is probable.
A bullish continuation from this level validates a double bottom pattern. An S/R flip retest of daily support will form a left shoulder for a probable head and shoulder pattern and also form a higher low on the chart (indicating a macro trend reversal).
The recent influx of volume coincides with bullish price action, adding substantiality to the move. Volume must remain above average to maintain a continuation and avoid any fake-outs.
RSI and stochastics trading above 50 validates strength and momentum in the immediate market: oscillators need to range above 50 to maintain the bullish bias.
Overall, in my opinion, ATOM needs to hold daily support to increase the probability for an impulse move to structural resistance.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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