ATOMUSDT Daily S/R|21MA| .50 Fibonacci| Declining Volume
Evening Traders,
Second Analysis – ATOMUSDT- trading at resistance where a bearish retest to the downside is probable.
Points to consider,
- Trend lower highs
- Range- Mid Support
- Daily S/R Resistance (21 MA & .50 Fibonacci Confluence)
- Oscillators below 50
- Declining Volume
ATOMUSDT’S immediate trend is bearish due to consecutive lower highs and lower lows. This allows for a bearish bias on the market.
Price is likely to test Range-Mid with the extended target at lower Daily S/R. This level is in confluence with the 200 DMA.
The current Daily S/R is resistance; a rejection here is plausible to establish a bearish retest. There is technical confluence with the .50 Fibonacci and 21 MA, enhancing the probability of a rejection.
The RSI and Stochastics are both below 50, this is indicative of weakness in the market, further downside likely to reach oversold conditions.
Overall, in my opinion, ATOMUSDT is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Second Analysis – ATOMUSDT- trading at resistance where a bearish retest to the downside is probable.
Points to consider,
- Trend lower highs
- Range- Mid Support
- Daily S/R Resistance (21 MA & .50 Fibonacci Confluence)
- Oscillators below 50
- Declining Volume
ATOMUSDT’S immediate trend is bearish due to consecutive lower highs and lower lows. This allows for a bearish bias on the market.
Price is likely to test Range-Mid with the extended target at lower Daily S/R. This level is in confluence with the 200 DMA.
The current Daily S/R is resistance; a rejection here is plausible to establish a bearish retest. There is technical confluence with the .50 Fibonacci and 21 MA, enhancing the probability of a rejection.
The RSI and Stochastics are both below 50, this is indicative of weakness in the market, further downside likely to reach oversold conditions.
Overall, in my opinion, ATOMUSDT is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone