ATOMEUR Analysis 16-03-2021 - Getting ready for a breakout!
The bar is nearing the triangle end, so we should be expecting a breakout soon. The analysis is based on the daily timeframe, so this could still happen in a few days. But considering the Bitcoin price at the moment that can make a big move anytime, the breakout here could also happen anytime soon.
ATOM has been ranging (aka. in accumulating phase) for almost 3 weeks, so I think the breakout force wouldn't be small either.
The pole is around €6 high, so we can expect the breakout strength around that number.
However, taking consideration of the Fibonacci levels in the channel, I would set a TP at about €5, depending on the time of the breakout.
It's best to wait until the bar closed to confirm the breakout, the higher the timeframe the better.
** If you enjoy this idea, please like and/or comment. Thanks!
P.S. I just found a divergence in the chart after I publish, so it isn't shown in the chart. But you can find it manually if you look at the date 28-02 and 14-03, there's a higher low on the chart, but a lower low on RSI. So it should be a sign of a bull continuation. And in my Bitcoin analysis, I also thought that BTC would pull back to around $53,000 before going back up again (still bullish). So I think the breakout is more likely to be a bullish one.
ATOM has been ranging (aka. in accumulating phase) for almost 3 weeks, so I think the breakout force wouldn't be small either.
The pole is around €6 high, so we can expect the breakout strength around that number.
However, taking consideration of the Fibonacci levels in the channel, I would set a TP at about €5, depending on the time of the breakout.
It's best to wait until the bar closed to confirm the breakout, the higher the timeframe the better.
** If you enjoy this idea, please like and/or comment. Thanks!
P.S. I just found a divergence in the chart after I publish, so it isn't shown in the chart. But you can find it manually if you look at the date 28-02 and 14-03, there's a higher low on the chart, but a lower low on RSI. So it should be a sign of a bull continuation. And in my Bitcoin analysis, I also thought that BTC would pull back to around $53,000 before going back up again (still bullish). So I think the breakout is more likely to be a bullish one.