COSMOS (ATOM) Mid-term Support & Resistance zones
Updated
Hi, ATOM community!
Today I’m going to analyze mid-term trading set up for Cosmos.
We should consider 3 keypoints moments here:
1) Price action near Support Zone 1 shows us little divergence between price and RSI chart. We can see that bears haven’t met much buy power pushing price to support 1
2) Price locked in 3.5$ - 4.2$ zone. I’m expecting sideways until any good news appear to break Resistance 2
3) In the case of positive news/social sentiment, the price could reach Resistance 3 pretty fast
For me, interesting entry points would be 3.4$ or after breaking 4.2$ resistance (which will become support zone eventually)
If you are seasoned scalper, you can try to trade above-mentioned range.
Your comments are appreciated. Thanks for reading
Today I’m going to analyze mid-term trading set up for Cosmos.
We should consider 3 keypoints moments here:
1) Price action near Support Zone 1 shows us little divergence between price and RSI chart. We can see that bears haven’t met much buy power pushing price to support 1
2) Price locked in 3.5$ - 4.2$ zone. I’m expecting sideways until any good news appear to break Resistance 2
3) In the case of positive news/social sentiment, the price could reach Resistance 3 pretty fast
For me, interesting entry points would be 3.4$ or after breaking 4.2$ resistance (which will become support zone eventually)
If you are seasoned scalper, you can try to trade above-mentioned range.
Your comments are appreciated. Thanks for reading
Note
2) Price locked in 3.5$ - 4.2$ zone. I’m expecting sideways until any good news appear to break Resistance 2UPD: Resistance 1. Sorry for typo
Note
3) In the case of positive news/social sentiment, the price could reach Resistance 3 pretty fast UPD: Resistance 2 accordingly
Trade active
Just as planned. Bought near 3.5$ heading towards the first Resistance and with such a strong moment, it's a no-brained it will fallTrade active
Basically, anything near 3.5$ is a good buy RN but put tight stop lossesTrade closed manually
3.4 Stop-loss reached. Strong support zone has been broken.Future trades impose a high risk
Trade closed: stop reached
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