Cosmos Grows 265%+, Be Careful With The Bearish Signals

24 dic 2019

Cosmos (ATOMBTC) is having a great run and continues growing but it might have peaked and is getting ready to retrace.

Additional grow can most certainly happen here and we remain bullish as long as ATOMBTC is trading above EMA10, now, we have some bearish signals that are starting to develop.

If you look at the RSI, we can spot a very strong divergence with ATOMBTC, the RSI printing lower highs while ATOMBTC was doing higher highs.

If prices close below 0.0005781 (EMA10), you can look for the black trendlines as the next support, followed by 0.0005025 which is also EMA50 (yellow).

Going beyond EMA50, if this level breaks, then you can expect a long retrace/correction to around 0.0003622 or at least 0.0004080. This is only relevant if prices start to drop and there is close below EMA10.

On the other hand, if ATOMBTC continues to grow and closes above the last high at 0.0006550 with good strength, we can expect this uptrend to continue. The next resistance is also marked on the chart.

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Namaste.