Cosmos could be entering a new bull phase. The fact that ATOMBTC recovered after a brief dip means there could be a lot more upside in this altcoin.

We believe the minimum upside target could be the 23% retracement at 3382. We believe the up move may continue until ATOMBTC reaches what Elliot wave practitioners call "the previous 4th." In English, that means ATOMBTC could rally back to the point where the final panic decline began. In Elliot theory, this type of retracement is common even if the instrument still happens to be in a bear market.

Bottom Line: We don't want to get crazy, but ATOMBTC may be leading a significant advance in more prominent altcoins.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.