BTC is looking to close the CME futures gap 8890 before a rally
BTC
BTCUSD
is trading below 9300 changing hands around 9150 and retesting low 9000s yet again to pop the CME futures gap. 9300 support line was a critical area for further upside price action to break resistance above 9800 which caught no buyers to rally regardless of a pump over the weekend getting stomped out. Support becomes resistance and vice versa in most cases.
Currently we may be looking to retest lower lows around 8800s. As you can see the VPVR has very little support in between 8800-8500, which may cause, if it doesn't just wick down to close the gap, the price could fall to 8500's and wick down past 8300 with an engulfing acceleration. This would obviously without a bounce would change the weekly candle significantly pressing a more bearish sentiment to lower lows. Personally based on the moving average support trending bullish I don't think we will cross lower lows, would take a ton of sell pressure to do so.
Hard stops for Longs below should below 8800. Trading volume is obviously low over the weekend and easily manipulated with smaller positions to alter the price action in either direction. ALTs will potentially surge to shift BTC on lower dominance into altcoins respectively.
Above 9800 closing on the daily we'd be looking for the next measured move weekly to the upside is 11300 as long as we close above the bull flag which is around 9800s. For now, we are back inside the descending triangle with choppy consolidation and an indecisive market.
Shorts vs Longs on the 4 hour have accelerated to 54% across the future exchanges which we will likely see a rapid downward trend followed by a short squeeze.
Good Luck!
BTCUSD
is trading below 9300 changing hands around 9150 and retesting low 9000s yet again to pop the CME futures gap. 9300 support line was a critical area for further upside price action to break resistance above 9800 which caught no buyers to rally regardless of a pump over the weekend getting stomped out. Support becomes resistance and vice versa in most cases. Currently we may be looking to retest lower lows around 8800s. As you can see the VPVR has very little support in between 8800-8500, which may cause, if it doesn't just wick down to close the gap, the price could fall to 8500's and wick down past 8300 with an engulfing acceleration. This would obviously without a bounce would change the weekly candle significantly pressing a more bearish sentiment to lower lows. Personally based on the moving average support trending bullish I don't think we will cross lower lows, would take a ton of sell pressure to do so.
Hard stops for Longs below should below 8800. Trading volume is obviously low over the weekend and easily manipulated with smaller positions to alter the price action in either direction. ALTs will potentially surge to shift BTC on lower dominance into altcoins respectively.
Above 9800 closing on the daily we'd be looking for the next measured move weekly to the upside is 11300 as long as we close above the bull flag which is around 9800s. For now, we are back inside the descending triangle with choppy consolidation and an indecisive market.
Shorts vs Longs on the 4 hour have accelerated to 54% across the future exchanges which we will likely see a rapid downward trend followed by a short squeeze.
Good Luck!
Comment:
Bigger question is , does CME need to close the gap? Many think its already past.. Oddly Nov 2017 this time is nearly an identical pattern off a bull flag then lift off.