In 2D time-frame, ATOM is breaking out its resistance trendline starting from February 2023. Good buy volumes show that this break-out is interesting.
In my opinion, it is a good moment to buy ATOM because if we consider range's low as SL and range's high as a final TP, we have a very good R:R = 7
Here is the view in weekly time-frame.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Trade closed manually:
Wait for BTC to bounce from
33K
to re-entrer
Trade active:
ATOM is retesting the trendline and still hold well above it although BTC's drop.
Comment:
61% since entry
Comment:
ATOM is trying to breakout the mid-term trendline (starting from September 2022). If successful, ATOM will make the final rally to reach the final target of this trade.
Don't forget to move SL to entry because BTC is closed to strong resistance