LONG - ATOM - Trade Opportunity#ATOM - Breaking out of the falling wedge, selling half at each tp.
ENTRY: 0.0005910
1st TP: @ 0.0006544
2nd TP: @ 0.0007162
Stop loss: @ 0.0005699
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ATOMBTC trade ideas
ATOM/BTC breakout soon Fibonacci level 50 and 23.6 will be our resistance levels. 23.6 is harder as you can see it's been traded much more.
Currently stoch RSI is oversold but pointed up. I take it as a buy signal. Exit strategy is : Look for fibo level 50 if it reject then sell to buy from the dip once more. I think first touch could be rejected but 2nd one will pass through until the level 23.6.
This strategy dependent on how BTC will perform
$ATOM clear uptrend when zoomed out...Looking at the 4HR, $ATOMs uptrend appears to be weakening with decreasing volume and downward trending RSI.
However, looking at the 1D it is clear we are still in a very strong uptrend...even the 1HR shows healthy price action.
This is an important reminder to zoom out for the big picture/zoom in to see a micro-perspective.
Watching to see if $ATOM test the 0.0007221 sats R....if rejected hard $ATOM will need to make a few more runs at it to break through.
Holding onto this position to see if it reaches new ATHs through Price Discovery in the coming weeks as the crypto market warms up.
Wave count on ATOM/BTCLooking at the price movement of the latest bullish move, we can see that the movement can be divided into waves from the Elliot wave theory. We can see that the bullish move has made a five wave structure that follows the Elliot wave rules. Now the price has made a significant bearish move, which can be identified as an A leg in an ABC corrective structure. Waiting for the formation of the B leg and then another steep bearish move in the form of the C leg.
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