This is a continuation of my previous post 'reading the cosmos', which played out slightly faster than I expected. ATOM has displayed significant strength over the last couple weeks, and to this point has showed no signs of stopping. I am pretty impressed how easily it pushed through $10 psychological resistance, and this indicates a further continuation to the upside is in play. Below $10, the chart looks like a mess of random cyan and green lines. I assure you that each line has a specific significance and the exact price is meaningful based on the details of prior price movement -- so what does it all mean? It means that there is a metric ton of support underneath us right now. Accumulate wherever you can, and set your sights to the stars above.
If we get lucky enough to see a pullback here, I will be accumulating a bit more ATOMs at every single one of those lines, which I call anchor points. Once an order picks up, there are two options. Either (A) conservative, risk averse: sell for a small gain in the range of 5 to 10% and if it sells then put a buyback order at the next line down. or (B) patient, investor: just hold it and wait until the price discovery phase on the continuation to the upside. Both strategies are valid, and I mix it up depending on what the rest of the market is doing. In general, there is a higher likelihood of sustained upward momentum when the price bounces from a dense confluence of anchors. As a result, I will be more likely to use strategy (A) on isolated anchors, and use strategy (B) on dense clusters of anchors. To the upside, based on chart patterns and Fibonacci extensions, I have primary price targets in the $15 to $17 range, and some greedy price targets near $20. Any orders that pick up now, I'll be putting limit sells up in that zone, and forgetting about it until the target is reached. Let's see what happens.
If we get lucky enough to see a pullback here, I will be accumulating a bit more ATOMs at every single one of those lines, which I call anchor points. Once an order picks up, there are two options. Either (A) conservative, risk averse: sell for a small gain in the range of 5 to 10% and if it sells then put a buyback order at the next line down. or (B) patient, investor: just hold it and wait until the price discovery phase on the continuation to the upside. Both strategies are valid, and I mix it up depending on what the rest of the market is doing. In general, there is a higher likelihood of sustained upward momentum when the price bounces from a dense confluence of anchors. As a result, I will be more likely to use strategy (A) on isolated anchors, and use strategy (B) on dense clusters of anchors. To the upside, based on chart patterns and Fibonacci extensions, I have primary price targets in the $15 to $17 range, and some greedy price targets near $20. Any orders that pick up now, I'll be putting limit sells up in that zone, and forgetting about it until the target is reached. Let's see what happens.
Note
Previous post 'reading the cosmos' 
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Breakout above ATH into price discovery!Note
This is insane. No joke, it broke above $20 and retested it. Things are getting frothy here for sure. I'm taking profit bit-by-bit on the way up, but the trend is bullish until proven otherwise. 
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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.