In this sea of terrible news for the entire cryptocurrency market, the project Cosmos and its original currency ATOM resist thanks to math technical support. To analyze.
ATOM – Weekly Chart: Kijun to the rescue
After a huge technical rebound on a key support, stands at $5.61prices fell by one weekly SSB right to $16.66.
This technical resistance has created a mid-range situation, with support attached $11.12. This support is great. It is given by fibonacci retracement and its golden ratio. Thus 61.8% and the 50% of this retracement are the two supports to remember for the next few weeks.
The indicator MACD remains bullish even as its moving average tightens, which shows a weakness in this technical rebound. Anyway, no sell signal has not been sent. In addition, the decline in volumes confirms that traders are waiting for an exit from above or below from this technical zone.
ATOM – Daily Chart: Volatility at the meeting
The Cosmos Project cryptocurrency is not immune to the general panic. For the past four days the storm has raged. For now, the Fibonacci retracement has helped support prices during these violent days.
With a splendid springing off 20% this Thursday, November 10thprices recovered by stabilizing on 50% Fibonacci retracement. The sell signal given by an exit under the daily cloud must be considered. Because it indicates that the short-term uptrend is now over. As long as prices do not return above $13.82.
As for the indicator MACDit also gives one sell signal, with a bearish crossover of its two moving averages. It is therefore necessary to monitor closely $11.12 as main support. And $9.74 as the last support for this uptrend.
It is important to emphasize that the situation is not improving that little. LFTX agreement have done a lot damage to the entire market. Investors will need to be patient for the next few weeks, which promise to be eventful.
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