$ATOM Ready to Reverse To The Upside
Updated
Hi, everyone!
In this chart, you will see the key level resistance: 4H chart
Looking at its market structure it was rejected at the key level resistance and went below as much as -15.15%
It was actually in my notes that I made this weekend that my scenario will be:
1. If we see a body break on the resistance, I go long.
2. If we see a price rejection + selling pressure, I go short.
As you can see in the chart posted here we had Scenario #2.
Price Rejection + Selling Pressure, so I did short.
It was actually a risky move for me because we are seeing higher lows coming into the resistance.
Now I think selling pressure has subsided and we are now ready to reverse to the upside.
Rectangle drawings above are my ideal entry prices unless the current candlestick give us a reason to go ahead and long (because it might now reach the price I am looking to buy)
This is my top pick for the week along with ONE.
I will be updating this and see how it goes.
Thank you for reading.
If you like this idea, please do give a thumbs up and comment below.
Indicators:
ATR
RSI
Stoch RSI
EMA50
In this chart, you will see the key level resistance: 4H chart
Looking at its market structure it was rejected at the key level resistance and went below as much as -15.15%
It was actually in my notes that I made this weekend that my scenario will be:
1. If we see a body break on the resistance, I go long.
2. If we see a price rejection + selling pressure, I go short.
As you can see in the chart posted here we had Scenario #2.
Price Rejection + Selling Pressure, so I did short.
It was actually a risky move for me because we are seeing higher lows coming into the resistance.
Now I think selling pressure has subsided and we are now ready to reverse to the upside.
Rectangle drawings above are my ideal entry prices unless the current candlestick give us a reason to go ahead and long (because it might now reach the price I am looking to buy)
This is my top pick for the week along with ONE.
I will be updating this and see how it goes.
Thank you for reading.
If you like this idea, please do give a thumbs up and comment below.
Indicators:
ATR
RSI
Stoch RSI
EMA50
Comment
1/19/20226:25 AM
Update: we caught the bottom
Comment
5:42 PM1/19/2022
We were able to squeeze 9% to the upside before bears take over.
It is what it is.
This is why EMA are great filters so you can better identify who is in control also it was clear that there was a huge selling pressure.
ATOM could probably test the lows of the support before it finally reverses.I'm still bullish.
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.