Cosmos prices could jump past $10.6 if...
over the past few days. While the sellers did not have much luck pushing prices below $9, neither did the bulls win the battle to seize control of the $10.2 resistance.However, Cosmos could present a buying opportunity for traders with different time horizons based on its reaction to key resistance levels overhead.ATOM presented two long trades but the criteria could be hard to meetDespite being near the range lows, Bitcoin did not have a short-term bullish outlook.
The token has bounced from the trendline support multiple times and reached the $10.1 and $10.28 levels in July. This was a sign of bullish intent and each retest of the $10.2 resistance zone would likely weaken the sellers. The 12-hour chart showed the RSI was climbing back above the neutral 50 mark, which encouraged the buyers. Yet the OBV did not see an uptrend in the past month. There were a few upward spikes followed by full retracements on the indicator, which suggested that buying pressure was not powerful enough to break the resistance yet.
Therefore, positional traders can look to buy ATOM if the price breaches the $10.6 mark and retests the $10.2 level. The $10.2-$10.6 region acted as a former support zone from March to June, and will likely be packed with sellers upon a retest.Source:From 18 July onward, the prices started climbing higher on the 1-hour chart and broke the previous bearish structure a few hours before press time. This was accompanied by a large rally in the Open Interest. The OI climbed from $71.6 million to $75.
The spot CVD has been flat over the past 24 hours, suggesting buying pressure was not dominant. Overall, if the bulls can beat the $9.6-$9.8 resistance region, a retest can provide a scalping opportunity targeting $10.2. The short-term idea would be invalidated upon a drop below the $9.6 level.
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