Universe (ATOM) has actually been among the best-performing crypto possessions of the previous couple of weeks. The popular altcoin has actually acquired lots of percent versus the dollar and versus BTC over current weeks, setting new all-time highs.
In the past 24 hours, the property is up 3.6% and up 20% in the previous 7 days.
Cosmos might be poised to reverse, however, with the Tom Demark Sequential printing a book sell signal.
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Universe (ATOM) Prints Turnaround Signal
Universe (ATOM) has actually formed a bearish turnaround signal on its BTC pairing, according to a Telegram channel tracking circumstances of the Tom Demark Sequential.
The indication is a time-based indication that prints “9” and “13” candle lights when a possession is at an inflection point in its pattern.
According to the Telegram channel, ATOM has actually formed a “sell 9” candle light on the present weekly candle light. This might activate a strong bearish drop in the weeks ahead.
Chart of Universe' cost action versus BTC over the previous year approximately from a Telegram channel tracking the Tom Demark Sequential. Chart from TradingView.com
The Tom Demark Sequential has actually had good success with Universe so far.
As can be seen with the chart above, a Tom Demark “Purchase 9” was formed after a strong drawdown. The property then bounced by lots of percent in the months that followed.
Universe likewise flatlined in the 2 weeks after it formed a “sell 9” candle light, however then continued to move greater. Technically, this signal was not inaccurate as TD Sequential “9” candle lights are seen when a possession combines, not at turnaround points.
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Bitcoin to Determine Altcoin Directionality
Bitcoin is most likely to determine the directionality of altcoins, both versus the dollar and versus BTC. Volatility in the cost of the leading cryptocurrency has actually frequently suggested that altcoins underperform. As Mohit Sorout of Bitazu Capital composed to NewsBTC;-LRB- *************).
” Many (altcoin) cycles in crypto are focused around bitcoin volatility. When it dries up, nobody wishes to trade btc which ends up being apparent from the volume too. This results in a big uptick in speculation on alts, driving their rates up– usually alts with strong stories & big scale memetic habits get the most volumes. It’s fascinating to keep in mind that btc simply experienced its among the most affordable volatility durations. Volatility is a sinusoidal wave & we simply passed the trough area of it.”
Bitcoin is poised to see volatility as its cost tightens up in the variety in between $11,000-12,000
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Included Image from Shutterstock. Cost: atomusd, atombtc. Charts fromTradingView.com After Parabolic Rally, Universe (ATOM) Simply Formed a Book Offer Signal
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