HUOBI:BTCCNY Bitcoin / Chinese Yuan
After the initial reaction push downward, there has been 2 more tests of the support at 4150. The last one a few minutes ago was the strongest and most sustained push by , and both tests were unable to penetrate further than 4170, both failing to reach the original 4150 point from the initial drop. Both attempts at breaking support were stopped not by buy walls, but by organic demand that created long wicks on the candles. This is identical to the last time we were at this support. Each attempt was met by ever increasing demand which finally pushed price back up. I estimate we will increase in price and pass the minor support at 4330 and back to just under the current Kumo cloud, which will also have the monthly . From here we will retest the cloud, which is beginning to thin out as we look towards the next week. It is likely that if we have picked up enough energy from this drop, we will break the cloud at the thinnest point at about Aug 2-3 continuing to retest 4600. If we get a bounce from the cloud and cannot penetrate, there is a distinct possibility we will revisit 4150 again.