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ATOM/USDT (FUTURES) | Bull Cycle Continuation

ATOM/USD Long-Term Trend: Bullish

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Key Resistance Levels: 41.354, 43.050, 43.631

Key Support Levels: 38.224, 37.151, 36.048

4-Hour Chart:

From an Elliot wave perspective we have what may be an (ABCDE) setup, and the (E)-wave may be our current cycle. We have also established somewhat of a bullish channel and are coming off of the lows of that channel. Long term, I would look at taking long positions if we get significant pullbacks.

ATOM/USD Medium-Term Trend:Bullish

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30-Minute Chart:

On the shorter timeframe, we have a possible abcde wave cycle playing out. If we can avoid breaking below the base of the d-wave, we may see a move to the +40 for an e-wave completion.

Signal Idea:

Buy Market order @ 39.062

TP 1 @ 41.354

TP 2 @ 42.144

Stop Loss @ 38.229

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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