ATOM broke out? Let's see.
Hello, dear TradingView members.
This is an ATOM idea.
ATOM was moving inside an ascending channel for a long time and had noises below and above the channel a few times.
But this time, as you can see on the chart, it received strong support from the lower band of the channel and pumped out of the upper band.
It is now rejected by the first resistance level but still maintains its position outside the channel.
We have two possible scenarios in front of us.
Scenario One:
The price will stay above the channel; after confirmation, it will pump back up to retest resistance levels.
Scenario Two:
The price will lose strength and fall back inside the channel, which gets rejected by the upper band and continues inside the channel.
RSI is in the oversold area, so the price has room to go down.
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This is an ATOM idea.
ATOM was moving inside an ascending channel for a long time and had noises below and above the channel a few times.
But this time, as you can see on the chart, it received strong support from the lower band of the channel and pumped out of the upper band.
It is now rejected by the first resistance level but still maintains its position outside the channel.
We have two possible scenarios in front of us.
Scenario One:
The price will stay above the channel; after confirmation, it will pump back up to retest resistance levels.
Scenario Two:
The price will lose strength and fall back inside the channel, which gets rejected by the upper band and continues inside the channel.
RSI is in the oversold area, so the price has room to go down.
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
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