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!
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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)
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RBA Debelle speech at 8:10 am GMT (Sept. 8)
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What to Watch: ATOM/USD
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.