The evidence from the price indicators highlighted bearishness and the OI chart also showed short-term seller conviction, but can a BTC bounce change this outlook?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.A bounce toward $7-$7.2, while less likely at press time, could present trading opportunities.has been in a downtrend since March on the daily chart. ATOM has formed a series of lower highs since then, and that trend did not appear likely to be broken soon. The bounce from the $6.62 level reached $6.92 but couldn’t climb any higher.
The Fibonacci retracement levels plotted based on the drop from $7.519 showed that the 61.8% and 78.6% retracement levels are likely to be important. They lie at $7.07 and $7.18 and are ideal entries for short traders. It was unclear if such a bounce could materialize, as the lower timeframe market structure such as 4-hour was also bearish.MobChart
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