BTC in the clouds!

I think the ichi clouds are looking really great on BTC - I watched the price hit the side of a thick cloud on the day chart then come round underneath, followed by the 8 hour and 4 hour making the same movement.

Currently we're on top of the 2 hour and all lower timeframes, and primed to give another push at the 4 hour which is thinning out with every candle.

Comment:

We didn't make it through the cloud on the first go at the strong resistance point of downward trend from 11700 (log), top of channel and cloud. The red took the price down to the bottom of the channel, again at a strong support confluence this time, of the bottom of the channel, trendline from March last year and the square up candle from the 7th April last week.

I'm not seeing much notable in the indicators right now, the RSI is middling, MACD starting to point up but not quite crossed (4hour), ADX showing ranging. We are having a strong squeeze on the Bollinger bands inside the Keltner Channels though - only on the 1 hour so far.

The next 24 hours will likely be important as we gear up for another go at that 4 hour cloud and the downward trendline at the same time. Let's hope the two long term trendlines (the second runs from the trough in October last year and back to the peak of August) are strong enough to hold.