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Spinning Top Reversal ? BTC/USD #btc #crypto #reversal

Bitcoin / U.S. Dollar (COINBASE:BTCUSD)

COINBASE:BTCUSD Bitcoin / U.S. Dollar

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Well , seems we have a classic spinning top candlestick on the Bitcoin 1 day chart . I recently did a chart showing the Gann Fan as well as the CME futures gap on Bitcoin near 118xx which already filled . But now we have what looks like a reversal candlestick . When a candlestick has a very small body evenly in the middle of two long wicks it's called a spinning top - and if it comes after an uptrend then it usually signals a reversal of that trend ( and that we would see some downside .) Same if it came at the end of a downtrend it would signal a reverse to the upside coming.
So we look to our supports below us - 112xx ? 10500 ? Also don't forget we have a CME futures gap below us around 96xx/97xx
Maybe we are going there before we see and more retrace up to this local top near 12k .

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Comments

I am a beginner to trading. Thanks for the TA. Your charts are really helpful.
One question: I see BTC is forming a falling wedge on 1H chart. so any chances of retesting 11.5k before dump to 9.6 to 9.5k? In that case, what will be a good entry point? Please advise.

On another note: How can we get the CME gaps?

ignitedintelligence

@ignitedintelligence, thanks for your reply - I'm following the trend - Bitcoin is volatile so it's hard to predict everything - I sold into usdc near 11800 so I'm definitely waiting for 96xx area (that gap to be filled there ) and probably I will buy back in there personally . But I can't give investment advice . Yes - we could definitely retest 116xx and close that gap there first but I'm waiting . Let Btc choose a direction . As for how the gaps form it's the weekend closure. Cme futures closes Friday at 6pm and opens Monday at 6am and the difference in those prices can be a new gap .

Good point on the gap fill. I personally now think that's ALL we've been doing since the march dump. Filling gaps for the futures' whales.I think they'll likely go for that 96xx one since fomo and long are extremely high. It'll make for a nice squeeze down. Now, concerning other gaps below it, that remains to be seen.

Jeff_Cryptopop

@Jeff_Cryptopop, the Squeeze is coming ! As usual - I agree with you on the whale gap filling - we also just made a new gap since CME futures just opened for Monday . But yes - there is manipulation as always .