ATOM - Falling Wedge
After a good run ATOM is consolidating/falling and can bounce. Everything depends on BTC.
Predicting a rejection on the FIB 0.5 level and a bounce on the FIB 0.382 level.
Invalidation if the wedge breaks down. And if the 0.382 level doesn't hold. Both scenarios will signal a drop to the FIB 0.236 level.
Invalidation if the trend breaks up. A clean break above the 0.5 level. If this happens without the bounce around the 0.382 level expect a quick selloff IMO.
DYOR
I will long the 0.382 with tight stop-loss.
Orange lines - FIB
White lines - Past support/resistance
Good trading for all.
Predicting a rejection on the FIB 0.5 level and a bounce on the FIB 0.382 level.
Invalidation if the wedge breaks down. And if the 0.382 level doesn't hold. Both scenarios will signal a drop to the FIB 0.236 level.
Invalidation if the trend breaks up. A clean break above the 0.5 level. If this happens without the bounce around the 0.382 level expect a quick selloff IMO.
DYOR
I will long the 0.382 with tight stop-loss.
Orange lines - FIB
White lines - Past support/resistance
Good trading for all.
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