Michaël van de Poppe - 28 October 2022
Let's chart $ATOM!
Hi there! Welcome to the last blog article of this week!
We can definitely say that is was a crazy week in the cryptospace!
We had some very big price surges over the last couple of days mainly on Bitcoin and Ethereum. We have printed the low of the week on Monday. After this low we saw a price impulse of around 10% to the most recent high. Ethereum was even stronger and we saw a percentage gain of 20% to the most recent high. However in this big run we saw that altcoins were lagging a bit. At the moment we are seeing a little bit of a correction over the whole market and this could bring us some opportunities!
In the Trade Letter of today we charted multiple altcoins! We charted $ATOM, $CHZ, $THETA and $ROSE all in the same Trade Letter on multiple timeframes! But in this blog article we only analyze 1 altcoin, and that will be: $ATOM!
ATOM - Cosmos
ATOM - USDT
ATOM had a very long period where we saw significant strength on this specific asset. We had a very long sequence of making higher highs and higher lows. However we are seeing more weakness in comparison to other assets after we created the most recent high in September. Due to this fact it is possible to find some opportunities on ATOM.
We can spot the opportunity for a potential swingtrade on the 4-hour timeframe of ATOM. As you can see we had a long period of downwards price action but we broke the trend and we have a break of structure. This could mean that we have some upwards potential. The main area where you could be interested to look out for some longs is the 4h demand zone at $12.15-12.47. Areas where we could find potential resistance are $14.22 and the level around $15.25.
As we mentioned in the introduction, every Friday we analyze multiple Altcoins! In today's Trade Letter we discussed the following coins: $ATOM, $CHZ, $THETA and $ROSE! However in this blog we only take a look at $ATOM!
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