Short ATOM

8 Mar 2023

ATOM has been moving in a descending channel since August 2022. A fake breakout happened in February, marking a sign of weakness.

Now ATOM is trading inside the channel and below both the EMA 50D and MA 200D. It is a rare big cap losing these two moving averages.

Volume indicators suggest that ATOM will go lower: both CMF and MFI broke their trendlines.

As a result, a short setup is proposed as in chart.

9 Mar 2023

Not

TP1 reached
11% of profit

Should book partial profit because market will bounce a after strong sell these days