ATOM – Testing critical support
Cosmos / TetherUS BINANCE:ATOMUSDT
We had a steep drop from my previous analysis, and the whole sideways movement from a couple of months ago was only corrective wave B.
100% extension of A-B was reached at 8.67, which was a confluence with major support levels from mid-2021. Bulls showed up quickly, and we´ve had a 40%+ bounce.
I consider current prices a great opportunity and have began building a long term position on Atom.
I´m not setting a stop loss for this trade, since we may very well see one more stop-hunting leg down, but I expect bulls to come back into play if this happens.
Partial profit targets will be set later after further price action, but next resistance level is in the high 17´s.
