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.
Scenario:
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: |  | | (Normal) |
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)
