Hello friends, I am showing you the CME gaps I circled for Bitcoin (BTCUSD) on a 1D linear chart that I was able to spot. The CME gap is the difference between the trading price of a CME bitcoin futures contract when the market closes on Friday and opens on Sunday. The reason I am showing this chart is because though CME gaps are formed, the price tends to get...
📆🟡 BTC/USDT (BITCOIN)
📊 Time Frame: 4H
Bitcoin is trying to hold the last local support at 3000$ and I think finally it will be break. Bitcoin needs to hold above 34000$ then we can see a movement to 39000$ (IN ORDER TO GATHERING LIQUIDITY).Lots of longs liquidated below 33000$ and many Stop Loss already hit. Now there are many sorters in the market...
Possible bounce to gap on Bitcoin CME chart after big sell off. Fibonacci levels support my idea too.
OPEN at GAP level
STOP LOSS when broke resistence trendline
TARGET PRICE around the previously Lowest price.
My opinion is that price may be drop to lowest level according to Fibonacci to cca 17000 $ when broke down cca 25 500 $
BTC is heading towards its closet gap which is coming at $32900, which is also an important support level, from where we have seen a good bullish trend in the previous wave.
The other two most important CME FUTURES gaps are at $46540, which BTC has to fill sooner or late
Price currently in consolidation phase with frequent liquidity grabs and stop hunts. We also had BTC filling a CME gap earlier which is a good sign for expecting a move upwards, we have also successfully reed D1 200 EMA which is a good sign as well since a re is very important for market to gain back momentum.
Weekly closure will clear out things...
BTC is currently overbought and needs a pullback to retest $41K-$42k for much stronger upward move ahead. You could also view through the CME gap around the $42k which we expect to fill before the weekly closing(Friday).
At this point I will be opening a short position around the 44k-45k targeting the CME gap around 42K.
Can this be a slow bleed to fill Bitcoin’s CME gaps? Bitcoin has already filled one gap between $32k-$34K. Now there are still two open gaps.
It’s still on a downward trend with week over week lower trading volumes. Maybe it needs to continue to follow this trend to fill the remaining gaps before we see any meaningful reversal....
- The huge CME gap on bitcon futures has been filled on the weekly time frame.
- Also we have a bullish reversal candle - hammer, which indicates trend reversal.
- The price is printing higher highs and higher lows, that is ofcourse very bullish.
- ABC correctnon (5-3-5) completed successfully (see my related idea for detailed Elliott Wave count below).
## Bottom Line
- Weekly closed with a massive bear bar on its low.
- That low is going to break.
- Likely outcome of this week will be a Doji Candle
- ...meaning there will be a strong rally after the low is broken
- A rally should top out between 4,457.25 and **4,492** (Thursday Settlement is in the middle at 4,475)
- My expectation this week is we will...
In this idea I've used the following:
1) Agled Dotted Trendline that coincides with a FIB level of 0.618 to indicate Support
2) Angled Trendline in Red to indicate resistance
3) Horizontal Support Lines to indicate the next major supports
4) CME FUTURE Gaps, to indicate regions where BTC might potentially move.