COSMOS ANALYSIS ATOM/USD Cosmos (ATOM) had been trading in a large range between $8.51 and $17.56 since late May. The bulls pushed the price above the resistance of the range on Aug. 18, clearing the path for a possible move to the pattern target at $26.61. However, the long wick on today’s candlestick and the RSI above 83 suggests the rally is overextended in the short term. This could attract profit-booking by the bulls, resulting in a minor correction or consolidation in the next few days. If bulls do not give up much ground and flip the $17.56 level into support, the ATOM/USDT pair will again try to resume the uptrend. A break above $26.61 could open the doors for a rally to $28 and then to $30. The bears will have to pull and sustain the price below $17 to invalidate the bullish sentiment. The 4-hour chart shows that bears are mounting a stiff resistance near $24. Although bulls had pushed the price above this resistance, they could not sustain the higher levels as seen from the long wick on the candlestick. A positive sign is that buyers are not dumping their positions in a hurry. The pair could consolidate between $21 and $24 for some time. A breakout and close above $24 will indicate strength and signal the resumption of the up-move. Alternatively, a break below the 20-EMA will indicate the start of a deeper correction to $17.56. Let's keep pumping the market guys Guys Stay Bullish, Stay Humble, Stay Put #cosmoscoin #cosmos #atomcoin #atom #cosmostar https://www.instagram.com/p/CS58j65s5bM/?utm_medium=tumblr