CME Reportables for BitcoinThe CME report for the 23rd to 30th of August came out Friday and saw interesting price action from Bitcoin.
Another approximate 1k range is currently between 20.4k and 19.3k.
This is similar to the previous range of 21.8k to 20.8k.
As of the report, Exchanges (Dealers/Intermediaries) increased their Longs by a massive 293%.
The change in Shorts being negligible could indicate an interest in holding the current lows.
Asset Managers / Institutionals are still closing their long positions and adding shorts however
given that the majority of their Long positions were created in November, December, and again in March
they are currently very out of position and this seems to be an act to hedge themselves and mitigate risk.
This can be seen as they have closed 1306 positions or 18% of their Longs since August 16th.
2 CME Gaps in Price Action still exist from November and December of 2020 at 17k and 18k.
With the majority of low leverage liquidity from July and August under the current low at 19.3k
a breakdown in price would occur swiftly to test lows from the beginning of July.
Until this range is confirmed broken, then the Support at 19.3k and 20.4k is still valid.
A word of caution; Be very careful Shorting into Support or Longing into Resistance.
Wait for confirmation of range break and assume it is a fakeout until it is confirmed as a breakout.
