THELOGICALINDIAN - Cosmos ATOM has been one of the bestperforming crypto assets of the accomplished few weeks The arresting altcoin has acquired dozens of percent adjoin the dollar and adjoin BTC over contempo weeks ambience new alltime highs
In the accomplished 24 hours, the asset is up 3.6% and up 20% in the accomplished seven days.
Cosmos may be assertive to reverse, though, with the Tom Demark Sequential press a arbiter advertise signal.
Cosmos (ATOM) Prints Reversal Signal
Cosmos (ATOM) has formed a bearish changeabout arresting on its BTC pairing, according to a Telegram approach tracking instances of the Tom Demark Sequential.
The indicator is a time-based indicator that prints “9” and “13” candles back an asset is at an articulation point in its trend.
According to the Telegram channel, ATOM has formed a “sell 9” candle on the accepted account candle. This could activate a able bearish bead in the weeks ahead.
The Tom Demark Sequential has had appropriate success with Cosmos appropriately far.
As can be apparent with the blueprint above, a Tom Demark “Buy 9” was formed afterwards a able drawdown. The asset again bounced by dozens of percent in the months that followed.
Cosmos additionally flatlined in the two weeks afterwards it formed a “sell 9” candle, but again proceeded to move higher. Technically, this arresting was not incorrect as TD Sequential “9” candles are apparent back an asset consolidates, not at changeabout points.
Bitcoin to Dictate Altcoin Directionality
Bitcoin is acceptable to behest the directionality of altcoins, both adjoin the dollar and adjoin BTC. Volatility in the amount of the arch cryptocurrency has generally meant that altcoins underperform. As Mohit Sorout of Bitazu Capital wrote to NewsBTC;
“Most (altcoin) cycles in crypto are centered about bitcoin volatility. When it dries up, no one wants to barter btc which becomes axiomatic from the aggregate as well. This leads to a ample uptick in belief on alts, active their prices up – about alts with able narratives & ample calibration memetic behavior get the best volumes. It’s absorbing to agenda that btc aloof accomplished its one of the everyman animation periods. Animation is a sinusoidal beachcomber & we aloof anesthetized the canal arena of it.”
Bitcoin is assertive to see animation as its amount tightens in the ambit amid $11,000-12,000.
