Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- ATOM’s recovery was approaching a bearish OB.
- Trading volumes and development activity eased.
Cosmos [ATOM] is fixated on reclaiming the $10 psychological level. But some fundamental and technical indicators were out-of-sync, casting doubts over short-term capacity to exceed $10.
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In the meantime, Bitcoin [BTC] continues to fluctuate between $29.5k and $31.4k, with $30.8k being a key faltering line for bulls in the past few days.
Can bulls invalidate this bearish OB?
Since the massive slump on 10 June, ATOM rebounded and has been steadily making higher lows and highs on the 4-hour chart – uptrend. At the time of writing, the pullback retested at $8.93, and the range-low saw it bounce back and clear the previous high near $9.63. The move flipped the H4 structure to bullish.
Bulls will need to worry about the range-high of the ascending channel near $10.1. The range-high aligns with a bearish order block (OB) of $10.1 – $10.28 (red) formed on 6 June on the 4-hour chart. Collectively, it could make the area a bearish stronghold unless bulls invalidate it by swinging to $10.5.
However, sellers could gain entry at the bearish OB if bulls falter in the area. In such a scenario, sellers could extend gains to the mid-range ($9.6) or range-low ($9).
The RSI hit the overbought zone while the OBV edged higher
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Author: Suzuki Shillsalot
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