Moving on, the main focus for this idea is on the gap in the Bitcoin , which will likely determine the near term price action. Majority of the past gaps in the Bitcoin have been filled. The recent gap that happened on 10th May was filled on 16th May, with price in the falling from 8.4k to 6.3k, before we see a sharp bounce back up to the 8k level again.
Hence, I am expecting the gap above 7.2k to be filled soon. Although, prices fell to different levels on both the and Coinbase charts in the previous gap fill. It is reasonable to see 7.2k as the support for both charts. On the coinbase chart, the 7.2k support has a confluence with the 61.8% and 61.8% . My stance for the next few months would be further downward correction. As i have stated in the Bitcoin big picture idea , the 8.5k is a strong resistance and i do not expect a break above in the near term, unless we see news such as the bitcoin etf approval.
That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :)