SHORT TERM BEARISH -It's all the CME's FAULT!
Hola. Happy Hump Day Traders.
We have a CME Futures last trade deadline COMIN IN HOT -with the SETTLEMENT date on the 28th.
In remarkable similarity, bitcoin appears to be in a VERY similar position to last month, where BTC saw its FIRST significant correction since the start of this parabolic run on 06 OCTOBER between the NOVEMBER FINAL TRADE and SETTLEMENT dates.
Historically, BTC does see price correction at the end of each month due to the CME SETTLEMENT date, but is NOT always the case.
There is STILL an OPEN CME GAP from 19.015K down to 18.15K, however -I'm not convinced this will get filled.
However, I am expecting some DOWNSIDE action as BTC needs to cool off AND it would be A VERY HEALTHY SIGN if BTC were to go down to CONFIRM NEW SUPPORT at 20K -ish.
Also, a GREAT RE ENTRY OPPORTUNITY.
I have BUY orders from $20670 all the way down to $18150 -would be a pretty damn AMAZING xmas gift from Bitcoin Santa.
Happy HOlidays. AyyyeE
-JNY
We have a CME Futures last trade deadline COMIN IN HOT -with the SETTLEMENT date on the 28th.
In remarkable similarity, bitcoin appears to be in a VERY similar position to last month, where BTC saw its FIRST significant correction since the start of this parabolic run on 06 OCTOBER between the NOVEMBER FINAL TRADE and SETTLEMENT dates.
Historically, BTC does see price correction at the end of each month due to the CME SETTLEMENT date, but is NOT always the case.
There is STILL an OPEN CME GAP from 19.015K down to 18.15K, however -I'm not convinced this will get filled.
However, I am expecting some DOWNSIDE action as BTC needs to cool off AND it would be A VERY HEALTHY SIGN if BTC were to go down to CONFIRM NEW SUPPORT at 20K -ish.
Also, a GREAT RE ENTRY OPPORTUNITY.
I have BUY orders from $20670 all the way down to $18150 -would be a pretty damn AMAZING xmas gift from Bitcoin Santa.
Happy HOlidays. AyyyeE
-JNY
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.