AzizKhanZamani
Long

CME Futures New Gap| Clear Resistance Line

CME:BTC1!   Bitcoin CME Futures
Hello Traders!

Welcome back to another update, today we will have a look at the BTC CME Futures chart, where a new gap has come to fruition.

Will this gap get filled sooner rather than later?

Points to consider,
- Trend Bearish
- Price testing .618 Fibonacci
- Strong down trend resistance
- RSI in oversold conditions
- Stochastics in lower regions
- Volume below average

The trend has been putting in consecutive lower highs, establishing a very strong downwards sloping resistance line. Support currently is held on the .618 Fibonacci level, a strong area theat needs to hold true.

The RSI is currently oversold; an oversold bounce looks imminent as the stochastics is in lower regions. Stochastics can stay here for an extended period of time, however lots of stored momentum to the upside.
Volume is well below average, this signals that a move is imminent as price travels closer and closer to its apex.

Overall, in my opinion, BTC is probable to respect the .618 Fibonacci level due to oversold indicators. A filling of the GAP may come to fruition sooner than later, very similar to the previous most recent CME futures gap (chart linked).

What are your thoughts?

Please leave a like and comment,

And remember,

“The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes

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