Bitcoin

Cosmos

<div class="coinjournal"> 
 <ul> 
 <li>Cosmos gave up all of its 2023 gains and some more</li> 
 <li>The $15 level acts as a pivotal one</li> 
 <li>The bias remains bearish while trading below resistance</li> 
 </ul> 
 
 Many cryptocurrency investors were thrilled to see Bitcoin and most cryptocurrencies rallying at the start of 2023. It was supposed to be the start of a new bullish market.&nbsp; 
 But some cryptocurrencies, especially the leading ones, hold onto most of their gains. For instance, Bitcoin’s price is still relatively close to its 2023 highs.&nbsp; 
 However, this is not the case for smaller projects in the cryptocurrency market. Most of them erased the 2023 gains and some more.&nbsp; 
 One example is Cosmos (ATOM/USD). It met resistance at the $15 area and then lost more than 50% of its value, erasing all 2023 gains and keeps diving.&nbsp; 
 <img decoding="async" src="https://cdn.thebittimes.com/images/2023/09/28/ce785867aaeb98d9efcefb221c5602f2.webp" style="width: 100%" class="fr-fic fr-dib" width="1800" height="448"> 
 Cosmos chart by TradingView 
 <h2 id="the-daily-chart-shows-a-bearish-picture-while-below-15">The daily chart shows a bearish picture while below $15</h2> 
 In 2021, Cosmos reached $45. It failed at the level twice, putting a double top pattern that marked its historically high levels.&nbsp; 
 That was the first <a rel="dofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> sign pointing to what was about to follow.&nbsp; 
 Next, the market formed a reversal triangle. When it appears at the top of a bullish trend, it implies that a complex correction might have ended. Most of the time, such corrections are fully retraced. Hence, the break below $25 in the first half of 2022 should not have surprised anyone.&nbsp; 
 Finally, the most recent price action is not encouraging either. The constant failure at $15, which proves to be strong resistance, keeps a <a rel="dofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> bias on Cosmos. Only a daily close above would shift the bias from <a rel="dofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> to bullish.&nbsp; 
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/cosmos-atom-usd-outlook-bearish-while-below-15-tbt64335.html">https://thebittimes.com/cosmos-atom-usd-outlook-bearish-while-below-15-tbt64335.html</a>

Cosmos (ATOM/USD) outlook: bearish while below $15

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TheBitTimes

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