Cosmos Breakout from Range - Possible Price Markup
As part of my series of trying to pin down Wycoffian patterns, $ATOM caught my eye. In February ATOM made its first markup, where it then blew off the top. Price stayed suppressed under the volume-weighted average price. On the 19th, ATOM started a rally that sent it over to the VWAP. At the start of May, it saw a volume-supported rally, pushing it across the resistance.
In Wycoff cycles, the entry is usually done after the breakout retraces. I got in early, at around 5100, because I'm a FOMO beast. If the retrace makes a move up above the previous high, that is considered a good entry to ride the markup. Volume seems to be following buyers and price moves up while falling during bear candles.
In Wycoff cycles, the entry is usually done after the breakout retraces. I got in early, at around 5100, because I'm a FOMO beast. If the retrace makes a move up above the previous high, that is considered a good entry to ride the markup. Volume seems to be following buyers and price moves up while falling during bear candles.
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Still not entry time, but it's looking good.
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Quite surprisingly, ATOM came out higher from the bitcoin drop. There's a massive cup and handle in the 1D frame, so the setup is still open to happen.