Prothius187
Short

Continued bearish trend showing on BTC

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
76 2 4
The diversion between OBV And Accumulation caused bullish pressure to manifest in an upward move when our triangle resolved, but switching over to the Ichimoku cloud @ 4hr to gain clarity into a potential move we see the bearish pressures that have pushed price back onto minor support at 4370CNY which seems to be holding for now. Of the 4 primary Ichimoku signals we look for in trend:

  • Price has moved below the cloud ( bearish )
  • Cloud turns from green to red ( bearish )
  • Price has moved below base line ( bearish )
  • Conversion line has moved below base line ( bearish ). Conversion line has very recently moved to meet the base line but has yet to re-cross, so still bearish .

OBV, Accum/Dist and CCI all confirm a bearish trend short term.

Currently if support holds, we are likely to see price returning to test the cloud, but continued bearish pressure is likely to the next support at 4300. Bearish pressure is likely to continue for several days. Watch for a break above the 4500 level towards 4600 to confirm a new trend.
I'm seeing the same thing using bollinger bands - waiting for the day to close out before taking a position but I see some consolidation after a fall at around the 620 lvl
Reply
Prothius187 nicholasjamestobin
7 months ago
Yes, agreed. We've been already showing consolidation at the levels we're at now as there have been signs of sustained accumulation, but a drop to those levels will definitely help drive stronger consolidation and bullish sentiment for a drive at breaking the 680 and ultimately 700 levels again mid term.
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