Price formed a M type movement on BB which is generally a bear sign.
Also price movement is in a clear downtrend lately.
We are at an important resistance area which consist 20 day ma, 100 day ema and %61 fibo level.
If we breakout above 22.90 usd area and close couple candlesticks in daily chart, we can be optimistic about ATOM.
But for that to happen we need more buyers to step in and increase volume.
This amount of volume can not cause price action to have an explosive movement above 22.90 area.
Therefore one should be cautious and dont go long on ATOM until price brokeout above 22.90 area with increasing volume.
Also price movement is in a clear downtrend lately.
We are at an important resistance area which consist 20 day ma, 100 day ema and %61 fibo level.
If we breakout above 22.90 usd area and close couple candlesticks in daily chart, we can be optimistic about ATOM.
But for that to happen we need more buyers to step in and increase volume.
This amount of volume can not cause price action to have an explosive movement above 22.90 area.
Therefore one should be cautious and dont go long on ATOM until price brokeout above 22.90 area with increasing volume.