VIAQUANT

BTC on CME - Confirming Breakout?

CME_DL:BTC1!   Bitcoin CME Futures
Here we have the CME chart and we notice something very interesting which could lay out Bitcoins direction for the coming week.

On Friday Bitcoin closed at $69,650 on CME which "coincidently" closed the candle body exactly on top of that white trendline.

Today, CME is about to open in 2 hours and currently BTC's price should align again with the same trendline.

This is the 1D chart so we need to see confirmation close above to confirm this retest as a new level of support and confirmed breakout to higher highs.

This means if on Monday CME is able to defend this level that should give us the ability for price to retest $71.3k on the spot chart and as soon as we get a 3D close above $71.3k we are starting the next leg of the bull market.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.