ATOMUSD bearish outlook, looking at $26
Updated
ATOMUSD 1D tf, previous big red daily candle closed in a "bearish engulfing" fashion, as the price action failed to break through the twist, with a red Kumo cloud ahead: bearish outlook. Price action could "creep" below the cloud as it falls down to previous fib support around $26, it's not a matter of "if" but rather "when". ATOMBTC price action is also trying to break through a twist at the moment on the daily tf, if it also fails to do so the breakdown could be more brutal - it is within the realm of possibilities as I spotted a false breakout on the 1D, red candle close below the previous high, rejected at the SSA).
Note
if you're wondering why I find this pa particularly bearish besides the bearish engulfing candle, it's because price action is supposed to be able to break easily through a twist/very thin part of the cloud, IF the momentum is genuine and viable. A strong rejection like yesterday's candle looks rather bearish to me.
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