ATOM: Channel Up
Trade setup: Price broke above $10.00 resistance to signal continuation of an Uptrend with upside potential to $13.00. Price is trading in a Channel Up pattern.
Swing traders: can enter near Channel support trendline (~$10) and exit near Channel resistance trendline (~$13). Previously, price broke above 200-day moving average to confirm a bullish trend reversal to an Uptrend.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $10.00 (previous resistance), then $8.50. The nearest Resistance Zone is $13.00.
Swing traders: can enter near Channel support trendline (~$10) and exit near Channel resistance trendline (~$13). Previously, price broke above 200-day moving average to confirm a bullish trend reversal to an Uptrend.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $10.00 (previous resistance), then $8.50. The nearest Resistance Zone is $13.00.
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