There was a CME Futures gap at just under $117k which Bitcoin came back down to fill. To explain future, the CME Futures market is only open during typical wall street trading hours, so if the Bitcoin price moves outside of that timeframe, there will be a gap in the CME Futures price chart. The gaps almost always get filled and that is what happened this week.
While it hurts to have such a strong pullback just after a new ATH, it is a good thing to have the gap filled now rather than have that waiting to be filled after the price is much higher.
The long term, ATH Trendlines are causing some resistance as well. We'd like to see a monthly candle close above these levels flipping them from resistance into support ("S-R flip") and securing $120k as the new bottom for Bitcoin.
I think price should continue up from here based on the momentum of the new ATH and many other indicators. If price goes lower, I'm still bullish as long as bitcoin can maintain a higher low above $112k.
While it hurts to have such a strong pullback just after a new ATH, it is a good thing to have the gap filled now rather than have that waiting to be filled after the price is much higher.
The long term, ATH Trendlines are causing some resistance as well. We'd like to see a monthly candle close above these levels flipping them from resistance into support ("S-R flip") and securing $120k as the new bottom for Bitcoin.
I think price should continue up from here based on the momentum of the new ATH and many other indicators. If price goes lower, I'm still bullish as long as bitcoin can maintain a higher low above $112k.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.