Hodl, dear members of Leofinance!
Today, I would like to talk about the price chart of Cosmos because although the crypto market has been under pressure recently its price continues to increase.
So, in the monthly time frame (MN), after the bullish candlestick for December, ATOM/USD is trying to form a bullish one for the current month as well:
The potential sequence of two monthly bullish candlesticks indicates that the bulls are much stronger than the bears.
Moreover, if we look at the monthly time frame (MN) from another perspective, we can see that, in the linear chart, the current price is above all previous monthly closing prices:
So, the weekly chart confirms the bullish dominance as well.
Next, the weekly chart (1W), is positive as well. After the recent correction, ATOM/USD formed a Bullish Engulfing (common trend reversal signal):
Since the bullish engulfing the price has increased. And, although last week the price chart formed a Shooting Star (common bearish/trend reversal signal), it has still not received a confirmation, there is a bullish candlestick for the current week. It means that the bulls are much stronger than the bears.
The daily chart (1D) brings some positivity as well. First, the price of ATOM is above all three key Moving Averages (MAs), namely, the 30-day Moving Average (MA 30), the 90-day Moving Average (MA 90), and the 360-day Moving Average (MA 360):
Moreover, a Bullish Moving Average Crossover is probably going to take place soon - MA 30 may return above MA 90. This is another potential bullish signal.
Next, the 4-hour chart (4H), is very interesting as well. ATOM/USD has exited the Descending channel (downtrend) - a breakout took place recently:
So, it is a clear signal that the bulls were able to smash the bearish trend in the 4-hour time frame.
On top of this, in the 1-hour chart (1H), ATOM/USD is forming an Ascending Broadening Wedge (uptrend):
So, dear members of Leofinance, it seems that the price of ATOM/USD has bullish technical patterns and candlestick formations in most time frames. This is really very interesting keeping in mind that the other major cryptocurrencies are under pressure.
To be continued ...
As of the time of writing, one ATOM costs $40,96 on the Coinbase exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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