looking at likely losses over the weekend unless BTC reclaims $29.5k and aims at the mid-range of $30.4k.In the meantime, ATOM printed a daily candlestick close below the crucial level of 38.2% Fib level on 10 August. It indicates increasing bear leverage, which could complicate matters for bulls.The steady drop from mid-July $10 to $8 at press time exposed ATOM to shed over 15% of its value. But the bearish pressure seems far from over after bulls failed to stop the drop at the 38.
For perspective, the Fibonacci retracement tool was plotted between June highs and June lows. Based on the tool, the 50% Fib level was crucial in June and July. However, it cracked in August, forcing the bulls to regroup at the next support – 38.2% Fib level . The 38.2% Fib level has shown weakness after the daily candlestick closed below it on 10 August. If sellers flip the level to resistance, ATOM could drop further to 23.6% Fib level – a foray into June lows.
The Chaikin Money Flow struggled to cross above zero, demonstrating muted capital inflows in the last few days. The retreating Relative Strength Index further confirmed the lack of demand and sellers’ conviction.
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