BTC, Main Fibonacci-Channel, How The CME-GAP At 49250 Can Fill!

Hello,

Welcome to this analysis about Bitcoin, we are looking at the monthly timeframe perspectives. In this analysis I am looking at the broader picture Bitcoin is forming and as I discovered recently Bitcoin in the previously developed bearish pullbacks to the downside moved into significant levels and also formed a decisive structure that can be fuel for the upcoming volatilities ahead of the next times. As already mentioned in the former analysis Bitcoin not only on the 4-hour timeframe perspective is in a Wyckoff accumulation but also forms a potential upcoming Hash-Ribbons Buy-Signal. In this analysis now I am looking at the main Fibonacci-channel structure in combination with the CME-GAP that has developed in the bearish pullbacks and did not yet fill.

Especially in the last months since the beginning of 2021 the Volume of Bitcoin-Futures has substantially increased and reached its peaks at the bullish upthrusts before the markdown followed. Therefore the CME-GAP has even a higher ranking when considering this Bitcoin-Futures Volume increase and the market-movements resulting out of it. In Bitcoin bearish developments to the downside from the 59800 to the 30000 level this major CME Breakaway GAP has formed in the downtrend. In the graphic below I show the CME-GAP.

CME-GAP At The 49250 Level:
In Bitcoins past price-actions and developments such CME-GAPS where a very profound indication for the case that Bitcoin minimum when reversed reaches this CME-GAP level to fill the gap. This is also possible here due to several factors and especially because Bitcoin recently reached this major 50%-61.8% Fibonacci channel which was previously resistance and is now support. Bitcoin also has formed other signs that a bounce to the gap is likely to come up within the next times, therefore a gap-fill in upcoming times can be expected when Bitcoin moves on with the determinations. In terms of the gap-fill and Fibonacci structure, this does not mean Bitcoin is completely 100% bullish however it is a step in the right direction especially when Bitcoin manages to mark above the gap-level after the gap-fill happened.

High Potential Bounce Of The Fibonacci-Channel-Support-Zone In Alignment To Fill The Gap:
Now in consideration of the major CME-GAP that has formed here and in terms of this whole monthly timeframe perspective Bitcoin recently reached this 50% to 61.8% Fibonacci-support-channel that is marked in my chart in orange, it is the Fibonacci-support-channel of the broader Fibonacci-ascending-channel that has its lows at the December 2018 bear-market-bottom as well as the March 2020 corona-breakdowns and has its high at the April 2021 all-time-high. Together with the 12-MA marked in my chart in blue this 50%-61.8% Fibonacci-channel in orange builds strong support as this channel was resistance before and therefore is a bounce from this level highly likely in the upcoming times. Therefore when this bounce develops and Bitcoin moves on with an increase of bullish price-action this will likely fill the CME-GAP in the structure.

What Happens After The Gap Is Filled:
Once the gap is filled as mentioned under the given circumstances this can lead to an initial pullback after the gap is filled and Bitcoin will seek to test the lower supports in the structure. When these supports hold sustainably it can be the source of a bounce and especially after that when Bitcoin manages an increase in bullish price-action when the supports holding sustainably a bounce above the CME-GAP level and a stabilization in this zone as I show in my analysis with the writings can indicate a set up for the main Fibonacci-channel-breakout when Bitcoin manages to stay in these zones. For now, it will be important to keep patient and elevate how Bitcoin can continue ahead of the upcoming times to move on and fill the CME-GAP to show up with the further developments. Will be especially important how Bitcoin manages to approach these zones and how the structure will look like after this.

In this manner, thank you for watching my analysis about BITCOIN and its Ascending-Fibonnaci-Channel Structure in relation to the CME-GAP filling that is likely to come up, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!

Information provided is only educational and should not be used to take action in the markets.