$ATOM Ready to Reverse To The Upside

18 Oca 2022

Hi, everyone!

In this chart, you will see the key level resistance: 4H chart

Looking at its market structure it was rejected at the key level resistance and went below as much as -15.15%

It was actually in my notes that I made this weekend that my scenario will be:

1. If we see a body break on the resistance, I go long.
2. If we see a price rejection + selling pressure, I go short.

As you can see in the chart posted here we had Scenario #2.

Price Rejection + Selling Pressure, so I did short.

It was actually a risky move for me because we are seeing higher lows coming into the resistance.

Now I think selling pressure has subsided and we are now ready to reverse to the upside.

Rectangle drawings above are my ideal entry prices unless the current candlestick give us a reason to go ahead and long (because it might now reach the price I am looking to buy)

This is my top pick for the week along with $ONE.

I will be updating this and see how it goes.

Thank you for reading.

If you like this idea, please do give a thumbs up and comment below.

Indicators:
ATR
RSI
Stoch RSI
EMA50

18 Oca 2022

Not

1/19/2022
6:25 AM

Update: we caught the bottom

19 Oca 2022

Not

5:42 PM
1/19/2022

We were able to squeeze 9% to the upside before bears take over.

It is what it is.

This is why EMA are great filters so you can better identify who is in control also it was clear that there was a huge selling pressure.



ATOM could probably test the lows of the support before it finally reverses.

I'm still bullish.