Cryptocurrencies

ATOM technical analysis

ATOM seen from the temporality of 1W we can observe how the price maintains a series of candles with little volume, this is a strong signal of a close “explosive” movement, the price has not yet tested the zone of offer located within the price range of 3.446 – 3.560, the previous candle managed to close above a key resistance located in the 2.907, indicated in the graph by the horizontal black color, the price should close strongly above the neckline of the double floor pattern to achieve a movement towards our first target located within the price range of 4.215 – 4.454, this should be an easy target to reach, the next target gain is also indicated in the graph above within the price range of 4.857 – 5.131.

ATOM seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price has been pushed out of the figure indicated in the chart above by the two diagonals dark blue with a confirmation test that could push the price into the area of supply located within the price range of 3.446 – 3.560, as long as that area is not exceeded the price could continue to move within the range, the demand must be located in the 2.907 indicated in the chart above by the horizontal black.

In conclusion, ATOM maintains an excellent bullish movement, this is a signal of a near much greater bullish movement, once exceeded the zone of supply the price could go strongly up, however, if it finds much resistance in that point, the price could go back to the zone of demand located in the 2.907, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place their stop loss to avoid the possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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