19.6K like a magnet on the next big peak near price, and the accumulation range that continues with manipulations ahead of the next distribution to the south or north?
High confluence on ATOM towards a reversal and continuation of the uptrend:
- Support at $13
- Yesterday's Long wick candle.
- MA 62
- 61.8% fibo.
- Trendline
- Large hidden bullish divergence on the RSI.
If we bounce on the BTC, it will increase the probability that ATOM will seek $17.5, but of the S&P 500 will go down, BTC and ATOM will follow.
If influencers will keep talking about the 10K, then the majority of followers will start selling to avoid a -50% drop!!!
So the whales will buy the fear of small fish by setting a trap in a bearish range or channel that will go down slowly to scare but without going down sharply as we have seen in previous cycles with declines of -30% to -40% over a day apart from the long squeeze of May 19, 2021 at -32%, finally if we have a stock market crash maybe the candle of destruction will happen, like the covid crash during March 12, 2020 at -41% in one day.
https://www.tradingview.com/x/6CDKx6F0/
After each time we closed bellow the MA 19 in Monthly, we stay a month or two and then we bounce back and come back above to continue the bull run.
Twice we closed bellow the MA 19 Monthly and we stayed 4 to 6 months and then we closed bellow the first candle which closed bellow the MA 19, with an RSI towards the 40 level, and then the decline that followed was very strong, it was the last two stock market crashes of 2001 and 2008.
In our cycle we are bellow the MA 19 after 4 months and we are closing the month in the red bellow the first candle which closed bellow the MA 19, and the RSI at 45.
Will we soon have an economic crisis with an S&P 500 which will retrace for months?
I hope not, at best we will bounce back from there to come back above 3790 to end the month of September tomorrow.
https://www.tradingview.com/x/TB4rMm9k/
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