CME Futures Open Gap| BTC Correction ?
Hello Traders,
Today’s chart update will be on the CME Futures chart, which has an open gap that with a high degree of certainty will get filled.
Points to consider,
- Trend topping out
- Structural resistance hit
- Support zone being tested
- Stochastics projected down
- RSI approaching support
- Increase in bear volume
- EMA’s crossing bearish
The trend seems to be topping out as BTC has evident volume climax bars at a very key technical level, the structural resistance. The support zone is currently being tested, must hold for a confirmation of the S/R flip.
Stochastics is currently projected downwards, can stay in lower regions for an extended period of time, however lots of stored momentum to the upside. RSI is approaching its support, in neutral territory, this support will help determine direction of the trend.
There is a clear influx of bear volume, signalling that seller are currently in control as price failed to break resistance. The EMA’s are on the verge of crossing bearish if current support level does not hold.
Overall, in my opinion, BTC will fill the open gap sooner rather than later, this is very evident in historic price action.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” Yvan Byeajee
Today’s chart update will be on the CME Futures chart, which has an open gap that with a high degree of certainty will get filled.
Points to consider,
- Trend topping out
- Structural resistance hit
- Support zone being tested
- Stochastics projected down
- RSI approaching support
- Increase in bear volume
- EMA’s crossing bearish
The trend seems to be topping out as BTC has evident volume climax bars at a very key technical level, the structural resistance. The support zone is currently being tested, must hold for a confirmation of the S/R flip.
Stochastics is currently projected downwards, can stay in lower regions for an extended period of time, however lots of stored momentum to the upside. RSI is approaching its support, in neutral territory, this support will help determine direction of the trend.
There is a clear influx of bear volume, signalling that seller are currently in control as price failed to break resistance. The EMA’s are on the verge of crossing bearish if current support level does not hold.
Overall, in my opinion, BTC will fill the open gap sooner rather than later, this is very evident in historic price action.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” Yvan Byeajee
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
Related publications
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.