In today’s analysis, we are focusing on the CME futures chart, which has been open for trading over the past 24 hours. A key observation is the gap at $84,375, which remains unfilled despite Bitcoin’s bullish expansion on Monday. Historically, CME gaps have a high probability of being backfilled, making this an important technical level to watch.
Currently, Bitcoin is facing rejection at the range high of its trading channel, which aligns with channel resistance and the 0.618 Fibonacci retracement. If this rejection is confirmed, it increases the probability of price action rotating back toward the channel low support, which would fill the $84,375 gap before any move higher.
Key Takeaways:
• CME futures gap at $84,375 remains unfilled, which historically increases the likelihood of a pullback.
• Bitcoin is facing resistance at the channel high, in confluence with the 0.618 Fibonacci retracement.
• A confirmed rejection at resistance could lead to a move back down to fill the gap before resuming bullish momentum.
At this moment, more price action is needed to confirm whether this reversal will take place. However, traders should keep in mind that as long as the gap remains open, the probability of a move down remains high. The channel structure is key—if Bitcoin breaks down from this channel, it could signal further downside before any bullish continuation.
Patience is required as this setup develops. Keep an eye on how price interacts with key resistance and support levels before making any trading decisions.
Currently, Bitcoin is facing rejection at the range high of its trading channel, which aligns with channel resistance and the 0.618 Fibonacci retracement. If this rejection is confirmed, it increases the probability of price action rotating back toward the channel low support, which would fill the $84,375 gap before any move higher.
Key Takeaways:
• CME futures gap at $84,375 remains unfilled, which historically increases the likelihood of a pullback.
• Bitcoin is facing resistance at the channel high, in confluence with the 0.618 Fibonacci retracement.
• A confirmed rejection at resistance could lead to a move back down to fill the gap before resuming bullish momentum.
At this moment, more price action is needed to confirm whether this reversal will take place. However, traders should keep in mind that as long as the gap remains open, the probability of a move down remains high. The channel structure is key—if Bitcoin breaks down from this channel, it could signal further downside before any bullish continuation.
Patience is required as this setup develops. Keep an eye on how price interacts with key resistance and support levels before making any trading decisions.
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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.
Join our free telegram for market updates: t.me/chartdoctorsanconsultants
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Trade here with the best exchange: blofin.com/invite/alchemisttrader
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.