ATOM was a $0.10 IEO listed at $5+ due to Binance's market making with IEO funds
No level of market making can sustain that price. Dumped all the way down to $1.80 (0.00018 BTC).
No bottom was visible. Price strongly and suddenly bounced at 0.00018 BTC and went up 80% in one month.
After another +5% or so ATOM will hit the first strong resistance. It...
BTC completed a Head & Shoulders today.
Looking at the previous 20% drop from the last Head & Shoulders, we could see a drop down to the 9k support level and even the 7k support level before the end of this month (August).
We're extremely close to the top of the short-term, mid-term, and long-term (from ATH) resistance lines.
If the short- and mid-term resistances are broken, there's a good chance we'll break through the long-term resistance as well.
And that means... the bull-run we've all been waiting for. Breaking through previous ATH is definitely possible if this happens.
Simple support/resistance lines indicate a strong resistance that BTC is not getting through.
Instant drop as soon as the resistance got hit indicates another test of the ~$9,300 support area
Simple analysis using only trendlines and fib levels showing strong resistance and support points with high probability of being hit.
Also showing scenario of how BTC can reach the next fib level.
BTC is testing a key resistance right now.
If it breaks through $9.7k , we're back in bull mode all the way to $11k.
If it fails to break through , we'll test the support within the next 12 hours at $8.7k before going up.
A new pendant formed after breakout and supposed return of the bull, but BTC just dropped below it. Red candles are more likely to follow to the next support of ~$10.1k.
The reverse 4h candle closed in the green well above the $10,430 point. It's the first green candle in the last 20 hours and represents a possible reversal.
Price moving up is more likely now, but we're still at a sensitive point.
Possibilities from here:
If the reversal fails it's more confirmation that we will test $9.7k support.
If the next candle takes...
This 4H candle closes in ~20 minutes and is balancing between red and green. If we see a green doji here, we may go back in bull-run mode to $13k resistance.
If not, the next support is $9.7k (see previous idea).
CZ announced in a mediocre market that they will burn about half of BNB's supply. BNB didn't do any huge pumps yet but the confidence in BNB with this news and the textbook bullflag formation is a super bullish signal.
Drag chart left to see trend analysis starting at 2017 high.
The red pendant starts from Dec. 2017 highs and lows.
The black pendant is made from the 4H (or 1D) candles from recent performance, starting last week of June 2019.
If BTC drops below $9.7k, we may retest a new low (~$3.8k) on the red pendant.
