ATOM / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 31 May 2019

$0.81 tipped


ATOM seen from the 1M temporary we can see as the current candle shows a higher selling pressure, however, demand is also strong, the candle that closes session today is managing to stay above the support of 6453.

ATOM seen from the 3D temporality we can see how the current candle has broken the upward triangle with strong volume, indicating strong intention of the bulls to go up, the candle has also marked a new high, this is always a sign that there will be new highs, we have the top of the triangle at 5969.

ATOM seen from the temporality of 1D we can see how the bearish structure was inside a parallel channel, which was broken a couple of days ago, after the break was made a correct test on the channel which has caused yesterday’s candle had a strong bullish movement marking a maximum above the resistance of 7201 where it ended up closing below that resistance.

I have placed this other image in 1D where we can see more clearly as the current candle so far is not marking the upper wick, this is a strong bearish signal, to finish so we would have to see a correction at the beginning of the next session, this correction is very likely to reach the top of the triangle located at 5969, thus making a throwback to confirm the next bullish move.

ATOM seen from the temporality of 1H we can observe how after making the movement of point C the sails have managed to break the diagonal fall I have drawn in the image above, the current structure shows a classic inclination of a movement bullish of little prolongation, we see how the current structure has tested the point EQ of level 50 fibonacci finding offer that has caused a brief rest, the current candle is showing signs of following the structure to complete the point C bullish.

The bullish point C mentioned above should reach the resistance of 7201 or even the resistance of the mothly open, in this new image I have drawn the setup WXY that seems to be forming the current structure in H1 if so we would see the correction mentioned in 1D and 3D towards the top of the ascending triangle to later follow the rise.

In conclusion, the temporary price shows a correction in the price very soon, today’s candlestick should confirm the position, it would be recommended to wait for the throwback towards 5969 and put purchase order after confirmation above the support, ATOM should continue to rise after concluding the Y point of the setup, our first take profit is located at 7560 and the second take profit is located within the price range of 8786 – 8920.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader


TA crypto market
TA crypto market

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