THELOGICALINDIAN - ATOM is particleularly bullish appropriate now
Cosmos is staging a accessory abstruse alteration on Wednesday, afterwards the accepted cryptocurrency angry lower alongside the broader market. Afterwards advancing beneath burden appear the September amount close, the ATOM / USD brace afresh rallied to its accomplished trading akin back September 21st.
Both abbreviate and medium-term abstruse assay is currently assuming that the ATOM / USD brace has cogent upside abeyant if beasts can accumulate backbone aloft the $3.15 level. A abiding breach aloft this akin could actuate the cryptocurrency appear the $5.00 level.
The ATOM / USD brace had been adequate a able concise accretion and has additionally been one of the top assuming cryptocurrencies central the top thirty by bazaar cap recently. In allotment terms, Cosmos has acquired over fifty percent from its September account low and trades over fifteen percent back its October amount open.
Looking at the four-hour time frame, a bearish arch and amateur arrangement is currently in play, with beasts defective to assemblage the ATOM / USD brace aloft the $3.50 akin to invalidate the bearish pattern. The abolishment ambition of the arch and amateur arrangement would booty the cryptocurrency against the $5.00 level.
Looking at the near-term bullish case for Cosmos, a double-bottom arrangement has additionally been created, amount is additionally still trading aloft its 200-period affective boilerplate on the four-hour time frame.
The circadian time anatomy shows that a above trendline blemish could action if the $3.15 akin is broken, with the mentioned time anatomy already afresh assuming the $5.00 akin as the acceptable upside target.
The four-hour and circadian time anatomy archive both appearance that a abiding move beneath the $2.65 akin would put the ATOM / USD brace aback beneath downside burden and abate the affairs of a bullish breakout.
According to the latest affect abstracts from TheTIE.io, the concise affect appear Cosmos is bearish, at 43.00 %, while the all-embracing abiding affect appear the cryptocurrency is resoundingly bullish, at 63.50%.
Upside Potential
The four-hour time anatomy highlights that beasts charge to move amount aloft the $3.15 akin to animate beginning abstruse buying. Once aloft the $3.15 level, the ATOM / USD brace has bound abstruse attrition until the $3.50 level.
The circadian time anatomy additionally highlights the $3.15 akin as aloft trendline resistance. A blemish aloft key trendline attrition could actuate the ATOM / USD brace appear the July 9th swing-high.
Downside Potential
The lower time frames are currently assuming that the concise trend charcoal bullish while amount trades aloft the $2.80 level. In the near-term, the $2.88 akin is key support.
The circadian time anatomy is assuming that the medium-term bullish case for the ATOM / USD brace charcoal able while amount trades aloft the $2.65 abutment level.
Summary
Cosmos shows amazing bullish abeyant over the abbreviate and medium-term if beasts can assemblage the cryptocurrency aloft the $3.15 level.
The all-embracing upside bump of the abeyant bullish blemish would add added than fifty percent to the amount of the accepted cryptocurrency.
To get a quick refresher advance on Cosmos analysis out our bread adviser here. Our SIMETRI Research aggregation has additionally appear a abounding agenda asset address on Cosmos.
