HUOBI:BTCCNY Bitcoin / Chinese Yuan
has created a channel that it's been moving between for about 40 hours. Indicators were to neutral, but pressure is building in all indicators on the 4H chart. The was at risk of signaling its first since the first drop from 780, and this may be what's helping to buoy as it's riding the very top of the Kumo cloud and compressing against the Monthly pivot point, which may be why we're seeing such current volatility in the channel. So far, bulls have been unable to break into the cloud, but we need to see if the increase in bullishness is enough to finally break and hold in the cloud or higher. In approximately 20 hours the cloud on the 4H pushes more deeply into the current range and will increase pressure if bulls are unable to push higher within this time frame. It is highly probable we will see a resolution to the current compression and ranging in price within that time.