Prothius187

Last 12 hours consolidation and compression

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
27 0 0
The past 12 hours have seen BTC price consolidation and compression of price between the CM_pivots and previous minor support of 4370. Look for a breakout in price. Likely direction is still more probable to the downside because of the large red Ichimoku cloud above price on the 4hr chart, and the generally more bearish trend showing. But recent bullish pressure has made this less than a sure thing. OBV and Accum/Dist are showing the bullish market conditions, but CCI has failed to signal a bullish trend and sits in the middle of its range returning from a solid bearish condition. Stochastic RSI just crossed over at 94 downwards signaling a possible overbought reversal, but this signal would be stronger if other midterm bearish signals were stronger. If bulls are able to take charge, look for a breakout above 4420 and watch to see if price can breakthrough the cloud to confirm a solid bullish trend . If price breaks down with large volumes, all indicators may quickly show a powerful bearish trend , and help to drive price down rapidly, so caution here is advised.

Volumes are down in the past 6 hours, so this may be coming to resolution in the next 1-6 hours (Next 2 candles). On Sunday, the Kumo presses down further into the 4370 price region, which will increase bearish pressure if price cannot move back up through the cloud in the next few days. Long wicks on both sides of this current price point do suggest this as a good equilibrium point in the short term, but definitely watch for changing equilibrium conditions in the near and mid term.

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