Day by day Asia-London Periods Watchlist: ATOM/USD

After a giant drop with the remainder of the crypto markets in the present day, will merchants use this as a short-term shopping for alternative on ATOM to play a serious assist space retest?

Earlier than transferring on, ICYMI, in the present day’s Day by day U.S. Session Watchlist checked out a simple trendline bounce in EUR/JPY, so make sure you verify that out to see if there’s nonetheless a possible play!

Intermarket Replace:

Fairness Markets Bond Yields Commodities & Crypto
DAX: 15843.09 -0.56%
FTSE: 7149.67 -0.53%
S&P 500: 4520.03 -0.34%
NASDAQ: 15374.33 +0.07%
US 10-YR: 1.371% +0.049
Bund 10-YR: -0.318% -0.001
UK 10-YR: 0.741% +0.001
JPN 10-YR: 0.034% -0.005
Oil: 68.34 -1.37%
Gold: 1,795.80 -2.06%
Bitcoin: $46,753.00 -9.58%
Ethereum: $3,417.90 -13.39%

Recent Market Headlines & Financial Knowledge:

Dow drops 260 points as investors grow concerned about delta variant’s impact on economic recovery

Cryptocurrency prices tumble and exchange trading falters as snags crop up

White House proposes stopgap bill with disaster aid as Congress hashes out trillions in spending

Canadian consumer confidence slides for third straight week

Bitcoin tumbles 10% as El Salvador adopts it as legal tender

Gold hastens retreat as dollar gains upper hand

BOJ needs realistic price goal to avoid endless stimulus, ex-Deputy Governor says

Upcoming Potential Catalysts on the Economic Calendar

Japan Present Account, GDP, Financial institution Lending at 11:50 pm GMT
RBA Chart Pack at 1:30 am GMT (Sept. 8)
Japan Eco Watchers Survey at 5:00 am GMT (Sept. 8)
France Non-Farm Payrolls at 5:30 am GMT (Sept. 8)
France Commerce Stability at 6:45 am GMT (Sept. 8)
Italy Retail Gross sales at 8:00 am GMT (Sept. 8)
RBA Debelle speech at 8:10 am GMT (Sept. 8)

When you’re not conversant in the foreign exchange market’s principal buying and selling periods, take a look at our Forex Market Hours software.

What to Watch: ATOM/USD

ATOM/USD 4-Hour Crypto Chart
ATOM/USD 4-Hour Crypto Chart

With no main macro financial occasions forward within the Asia and London periods, we’ll flip to the crypto markets for potential short-term alternatives as volatility spiked and stays elevated in the mean time. Particularly, we’re trying out the Cosmos token (ATOM) because the broad crypto dump pushed ATOM/USD all the way down to a earlier space of resistance-turned-support.

On the 4 hour chart above, ATOM/USD was buying and selling above the $27 earlier than the bulls had been rudely interrupted by a bitcoin induced broad crypto crash, correlating with information that the El Salvador authorities formally made bitcoin authorized tender of their nation.

Provided that that information doesn’t have a lot to do with ATOM fundamentals, this drop could also be taken as a shopping for alternative for the bulls to play the latest bullish sentiment on the Cosmos challenge (i.e., strong ecosystem growth given its give attention to interconnecting the different blockchain systems).

With the market now buying and selling on the robust space of curiosity (was earlier resistance then became assist in August), bullish ATOM merchants could wish to watch the $17 – $20 space for bullish reversal patterns earlier than contemplating a short-term lengthy place. Keep frosty although as volatility could stay elevated till Asia merchants are in a position to absolutely react to Tuesday’s crypto flash crash.

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