ATOM recovery underway


Market & Ticker: COSMOS- ATOM/USDT 


Date: 01/02/2023 
Horizon / Timing:  Mid-term / 1 to 3 months 
Update: ATOM recovery underway 

In our last Tactical mid-term analysis (18 October 2022) we advised to buy the dip above 8,20 tactical support in order to play a recovery towards 20,10. 


We expect a further bullish extension toward 15,70 extension (+9%) - At the current level we can’t open a larger recovery above 15,70 if a daily close is not triggered above this level.  

However, we can be confident to anticipate a direct upside breakout in the coming 3 weeks as BTC already confirmed this breakout. The next upside target once the 15,70 Breakout is validated are set at 20,10 (+40%) before 27,50 (+90%) - Accumulating bullish position at current level make sense. 

Technical Key Elements: 

- The long-term trend analysis shows potential towards 27,50 (+90%) before 44,80 (210%) as long as 5,50 Strategic support remains valid in weekly close. 
- The RSI indicator is in positive area and keeps upside potential - a divergence is ongoing with a triangle pattern on the chart calling for possible extrem high volatility 
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal. 
- The Fibonacci key support is adjusted at 10,95 as tactical support while the Elliot wave shows upside potential towards 20,10 in case of 15,70 upside breakout. 


Trade Idea conclusion: Buy - Conviction: 

Target 1: 15,70 (9%) 

Buy: add in dip area 11,90-14,15 

Stop: 10,95 (-22%) 

N.B: Target to consider in case of 1760 breakout = 20,10 (40%) before  27,50 (+90%) 



Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 



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