Ascending Channel Pattern Suggests Potential Price Reversal
Mis à jour
ATOMUSDT Trade Setup: Ascending Channel Pattern Suggests Potential Price Reversal
Introduction:
In this article, we will analyze the current trading pattern of ATOMUSDT on the daily time frame. ATOMUSDT has been trading within an ascending channel pattern, with the price recently undergoing consolidation from June 10th to June 20th. However, the price is currently facing rejection near the trendline resistance. Based on the Smart Money Concept, there is a possibility that the price may hit another pivot level marked at $8.264. The trade setup suggests an entry at $9.470, with a target set at $8.264 and a stop loss at $9.720. Let's delve into the details of this trade setup.
Technical Analysis:
ATOMUSDT is currently trading within an ascending channel pattern on the daily time frame. The recent consolidation from June 10th to June 20th indicates a period of indecision and accumulation. However, the price is now encountering resistance near the trendline, suggesting a potential price reversal.
Trade Setup:
Entry: Based on the Smart Money Concept, we can consider entering a short position at $9.470, considering the rejection near the trendline resistance. This entry point aligns with the expectation of a price reversal from the current levels.
Target: Our target for this trade setup is set at $8.264, representing a significant downside potential from the entry level. This target reflects the anticipated price movement towards the marked pivot level.
Stop Loss: To effectively manage risk, it is recommended to set a stop loss at $9.720. Placing the stop loss above the entry level can help protect against potential upside risks.
Timeframe and Confirmation:
Given that our analysis is based on the daily time frame, it is crucial to monitor the price action for confirmation of the anticipated price reversal. Traders should watch for a decisive move below the current resistance area, accompanied by increased selling volume and sustained bearish price action. Once the reversal is confirmed, we expect the price to move towards the target of $8.264. The timeframe for this trade setup may vary, but it is anticipated to unfold within a few days or weeks, considering the historical price patterns and the potential momentum from the reversal.
Conclusion:
ATOMUSDT is currently trading within an ascending channel pattern on the daily time frame. While the price has recently undergone consolidation, it is facing rejection near the trendline resistance, indicating a potential price reversal. Based on the Smart Money Concept, a trade setup suggests an entry at $9.470, with a target set at $8.264 and a stop loss at $9.720. Traders should exercise caution, closely monitor the price action for confirmation of the reversal, and adjust their trading strategies accordingly.
Introduction:
In this article, we will analyze the current trading pattern of ATOMUSDT on the daily time frame. ATOMUSDT has been trading within an ascending channel pattern, with the price recently undergoing consolidation from June 10th to June 20th. However, the price is currently facing rejection near the trendline resistance. Based on the Smart Money Concept, there is a possibility that the price may hit another pivot level marked at $8.264. The trade setup suggests an entry at $9.470, with a target set at $8.264 and a stop loss at $9.720. Let's delve into the details of this trade setup.
Technical Analysis:
ATOMUSDT is currently trading within an ascending channel pattern on the daily time frame. The recent consolidation from June 10th to June 20th indicates a period of indecision and accumulation. However, the price is now encountering resistance near the trendline, suggesting a potential price reversal.
Trade Setup:
Entry: Based on the Smart Money Concept, we can consider entering a short position at $9.470, considering the rejection near the trendline resistance. This entry point aligns with the expectation of a price reversal from the current levels.
Target: Our target for this trade setup is set at $8.264, representing a significant downside potential from the entry level. This target reflects the anticipated price movement towards the marked pivot level.
Stop Loss: To effectively manage risk, it is recommended to set a stop loss at $9.720. Placing the stop loss above the entry level can help protect against potential upside risks.
Timeframe and Confirmation:
Given that our analysis is based on the daily time frame, it is crucial to monitor the price action for confirmation of the anticipated price reversal. Traders should watch for a decisive move below the current resistance area, accompanied by increased selling volume and sustained bearish price action. Once the reversal is confirmed, we expect the price to move towards the target of $8.264. The timeframe for this trade setup may vary, but it is anticipated to unfold within a few days or weeks, considering the historical price patterns and the potential momentum from the reversal.
Conclusion:
ATOMUSDT is currently trading within an ascending channel pattern on the daily time frame. While the price has recently undergone consolidation, it is facing rejection near the trendline resistance, indicating a potential price reversal. Based on the Smart Money Concept, a trade setup suggests an entry at $9.470, with a target set at $8.264 and a stop loss at $9.720. Traders should exercise caution, closely monitor the price action for confirmation of the reversal, and adjust their trading strategies accordingly.
Transaction en cours
Transaction en cours
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.