Prothius187

Short term downward pressure and possible trend reversal

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
67 0 2
OBV And CCI have been showing consistent recent downward pressure on BTC             price, but Accum/Dist is now showing a divergence from OBV suggesting a future trend reversal. If this reversal comes sooner rather than later, then I expect price to push to 4600, but given the previous attempts it is unlikely to break this without additional bullish pressure. More likely is a downward trend that continues to once again test the 4300 level followed by a sharp reversal in price. But, if the 4300 level breaks, then expect price to test the 4150-4200 level again. Given the strength of this support it is unlikely to push through this as several attempts in the past have been quite successfully defended this level. Again if we get a downward move in price and more bears become bulls, then a retest of the 4600 level might finally break BTC             out of the sideways pattern we've been in especially given that BTC             seems to be under sustained accumulation.
Comment: A minor breakout reaching the previous support of 4410 CNY & $660, but volume needs to be higher to sustain the move. Wait for a breakout above 4600 before committing to a new long position, because without volume this trend will be short lived as it has in the past week. If volumes don't increase expect more of the same sideways chop.
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