Hello everyone !
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Today Hโฟ Capital is analyzing Cosmos (ATOM) based on a Weekly chart ๐
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What we can see :
- Prices navigate in an ascending channel which is working perfectly since 2019.
- Back in December 2021, prices landed on the lower line of our channel, but, immediately rebounded to the 43$ area where our main resistance is (previous ATH)
- Spreads are near to zero despite the last bullish movement, so people seems to be neutral, which is a good point for bulls.
- There is a nice fib levels convergence.
- Despite this last big moves, we can identify a potential double top on prices and a bearish div on the RSI (wait for the closing time period).
What we can expect :
- If ATOM manages to break the 43$ resistance, then we can expect prices to reach the top of the channel.
- If ATOM failed to break the 43$ resistance level and the double top is confirmed (+ RSI bearish div), then we can expect prices to reach the lower line of the channel (very last support)
Resistances : 43$ (ATH) + Top of the channel
Supports : MM20 / MM50 / Support area / Lower channel
TP1 : 57$ (1.618)
TP2 : 85$ (2.618*)
TP3 : 116$ (3.618)
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW Hโฟ Capital
โจ
MAY THE CRYPTO BE WITH YOU GUYSย (D.Y.O.R)
โจ
Today Hโฟ Capital is analyzing Cosmos (ATOM) based on a Weekly chart ๐
โจ
What we can see :
- Prices navigate in an ascending channel which is working perfectly since 2019.
- Back in December 2021, prices landed on the lower line of our channel, but, immediately rebounded to the 43$ area where our main resistance is (previous ATH)
- Spreads are near to zero despite the last bullish movement, so people seems to be neutral, which is a good point for bulls.
- There is a nice fib levels convergence.
- Despite this last big moves, we can identify a potential double top on prices and a bearish div on the RSI (wait for the closing time period).
What we can expect :
- If ATOM manages to break the 43$ resistance, then we can expect prices to reach the top of the channel.
- If ATOM failed to break the 43$ resistance level and the double top is confirmed (+ RSI bearish div), then we can expect prices to reach the lower line of the channel (very last support)
Resistances : 43$ (ATH) + Top of the channel
Supports : MM20 / MM50 / Support area / Lower channel
TP1 : 57$ (1.618)
TP2 : 85$ (2.618*)
TP3 : 116$ (3.618)
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW Hโฟ Capital
โจ
MAY THE CRYPTO BE WITH YOU GUYSย (D.Y.O.R)