1. Elliott Wave Structure:
The chart is projecting a bullish Elliott Wave pattern with potential targets:
Wave (1): around $5.00
Wave (3): around $6.90 (close to the 0.618 Fibonacci level)
Wave (5): final target around $12.35 (near the 1.272 Fibonacci extension)
2. Fibonacci Retracement:
The price has retraced down to the $3.34 level (the 0 level) and has started bouncing.
Key Fibonacci levels shown on the chart:
0.5 retracement around $5.17
0.618 retracement around $6.90
0.786 retracement around $8.91
1.272 extension around $12.35
1.618 extension around $14.79
3. Ichimoku Cloud:
The price is currently near the Kumo Cloud (red shaded area) and has crossed above the Tenkan-sen and Kijun-sen lines, which is a short-term bullish signal.
A full breakout above the Kumo Cloud would strengthen the bullish trend confirmation.
4. RSI (Relative Strength Index):
The RSI is sitting around 60, still below the overbought zone (>70), suggesting there is still room for upward momentum.
5. MACD:
The MACD line (blue) has crossed above the Signal line (orange) with positive histogram bars, indicating bullish momentum is building up.
6. Scenario:
The chart suggests ATOM may complete Wave (2) around the current region ($4.8 - $5), then start Wave (3) towards the $6.90 area, and potentially rally to $8.91 and $12.35 later on.
Summary:
Overall, this is a bullish setup for ATOM based on Elliott Wave theory, Ichimoku, RSI, and MACD alignment.
The $4.8 - $5 zone is a critical support area; if it breaks down, the bullish scenario could be invalidated.
The chart is projecting a bullish Elliott Wave pattern with potential targets:
Wave (1): around $5.00
Wave (3): around $6.90 (close to the 0.618 Fibonacci level)
Wave (5): final target around $12.35 (near the 1.272 Fibonacci extension)
2. Fibonacci Retracement:
The price has retraced down to the $3.34 level (the 0 level) and has started bouncing.
Key Fibonacci levels shown on the chart:
0.5 retracement around $5.17
0.618 retracement around $6.90
0.786 retracement around $8.91
1.272 extension around $12.35
1.618 extension around $14.79
3. Ichimoku Cloud:
The price is currently near the Kumo Cloud (red shaded area) and has crossed above the Tenkan-sen and Kijun-sen lines, which is a short-term bullish signal.
A full breakout above the Kumo Cloud would strengthen the bullish trend confirmation.
4. RSI (Relative Strength Index):
The RSI is sitting around 60, still below the overbought zone (>70), suggesting there is still room for upward momentum.
5. MACD:
The MACD line (blue) has crossed above the Signal line (orange) with positive histogram bars, indicating bullish momentum is building up.
6. Scenario:
The chart suggests ATOM may complete Wave (2) around the current region ($4.8 - $5), then start Wave (3) towards the $6.90 area, and potentially rally to $8.91 and $12.35 later on.
Summary:
Overall, this is a bullish setup for ATOM based on Elliott Wave theory, Ichimoku, RSI, and MACD alignment.
The $4.8 - $5 zone is a critical support area; if it breaks down, the bullish scenario could be invalidated.
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.
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.