BTCUSD and the CME weekend Gap: Fill it? or Bear Trap?

CME:BTC1!   Bitcoin CME Futures
This chart shows the Gap in CME futures between Friday close and Sunday open.
As you know, the last large gap like that was filled soon afterward with one big red.
This time, I think it might run bear trap first, and go higher to wipe out shorts.

Considering the size of that gap, and previous behavior, there will be a LOT of shorts.
Most of those shorts will have stop loss a little above the gap, or above previous top.'
So what better way for the big money to find liquidity, than to wipe out those shorts.

Thus I think this gap could lead us to a higher high!
But I could be totally wrong and it just fills today..
So this is just a plot to observe, not a trade call.

This is part of my ongoing BTC analysis, and my personal plan is to ride this to 10k per this plot (or I should say 9887.89 to be exact) ...

Comment: a wee bit of a turn already AND, that looks like a possible hook-to-revers pattern. But lets see how it goes, there is a lot of selling going on in the spot market ...

Comment: Making a run for bottom of Gap? or final bear trap before mass murder? watching closely

Comment: Fib of the Gap

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I don't believe we will see 10k right away, the sentiment is too positive.
this gap does not have to be filled like the last one
@danni24, Yeah, that's kinda what I'm thinking:
it might not close, it could be slow close, could many days later.
Or, 'they' might run it up first, take out the Gap shorters, then close the gap.
My interest/hope is possible short squeeze that cascades in the SL' above
danni24 EuroMotif
@EuroMotif, bitcoin is not a stock asset why should they close it?
i am short and my bet is fill it and beyond :D
+1 Reply
EuroMotif ntabish12
@ntabish12, lol, should have known you would be all over this. You are much braver that me, my friend.
Best of luck and I hope you get the gap filled quickly even if that means my hypothesis is wrong....
EuroMotif EuroMotif
@EuroMotif, (I am not trading the gap, just hodling until 10k)
ntabish12 EuroMotif
@EuroMotif, in long game---if i were you, i would take profits if my positions are good--simply because it could go beautiful or ugly very quickly---since we have seen this drill multiple times---:D lock your profits in sl ;)
ntabish12 EuroMotif
@EuroMotif, lol--i thought they would wipe the floor till 8600--but if you see closing the rejection above 8k was massive--i was watching all exchange vols and not a single one had low vol sell.. i think it will need a miracle to clear those from here without turning bears into bull --i am holding shorts at be and some above previous high, though i think 7k is very likely
i also closed rest of my ltc and eth longs--there will be a better entry
EuroMotif ntabish12
@ntabish12, yeah, I hear ya.
I have been selling bits and pieces on the way up, and putting that money back into limit buys lower.
That is my basic strategy when in Hodl mode, sell as price goes up, put the money back in game at a lower price, rinse and repeat until target...
I was almost emtpy bagged last time it hit 8400, then scooped my coins back up on that flash crash and have been selling again since 7800.
Kinda like fishing: I have a bunch of nets in front of me, and I am dragging empty the nets behind me :)
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