ATOM moved 10% down. What's next?
This is an ATOM idea.
ATOM just fell down from the ascending channel it was moving in. This has happened before, so it can be just a noise caused by the 1000 dollars change in Bitcoin.
However, the price is below the channel, and there's only one resistance on the way down, which is very powerful. We have the possibility of going back up.
There are two scenarios in the current situation:
The price will go back inside the channel and gets support from the lower band of the ascending channel to move back up.
The price will get rejected by the lower band of our channel and move back down on support.
RSI is near the overbought area, and the price has more room to go up.
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.