ATOMBTC: Pressing ResistanceLooking at the 2-day chart of ATOMBTC, we see ATOM approaching the 23% retracement of the June - September down move. The level to watch is 3382. That zone also contains horizontal resistance. The final thrust lower in August in ATOMBTC started near this level. If ATOMBTC can launch above 3382, it could have much bigger upside potential. One potential upside target could be the 50% retracement near 5000.
With all that said, buying any alt on strength has been the road to ruin in 2019. So, if you missed the bounce in ATOMBTC, move into "wait and see" mode. We believe BTC has upside potential, and that could hurt alts further. So, stay neutral for now.