Bitcoin shortPrice has come to a major level of resistance and has broken 4H structure signaling a willingness to start breaking down. There is a large gap resting below that needs to be filled.
BMC1! trade ideas
Bitcoin Fib Simulation Mid-termfibs are set to default mode:
a - a.236 - a.382 - a.618 - a.786 - b - ...
Previous mode:
a - a.272 - a.414 - a.618 - b
Current default mode has more units to cover group of patterns which contributes to higher visualization of logical consequence of fluctuations and interconnectedness of market volatility to the nature of fibonacci phenomenon.
Any impulsive wave will be reflected at psychological levels of market which are in quantum state at Fibonacci intersections. Golden ratio always balances market out.
Tilt from idea below based on 2 ATH chart can be recreated and derived from just one recent cycle covered with 3 directions of FC projecting the multi-target system out of critical points of fractal.
For every action, there is an equal and opposite reaction.
BTC is approaching its bottom in the 51k areaIt seems that BTC is approaching its bottom in the 51k area, as seen from several indicators including:
1. Fibo 0.618 (goldenratio) correction from impulsive wave from January to March
2. Major support at 51k has not been visited since February
3. Finishing ABCDE correction wave
4. Bottom trendline descending channel formed since March
5. Liquidity heatmap is around 51k
6. CME gap at 58k has been filled, and another gap has emerged above in the 59.5k - 62k area
7. Fear and greed at 26 (FEAR)
$BTC CME Gap 08/03-08/05, 2024❓ CRYPTOCAP:BTC CME Gap 08/03-08/05, 2024
🍪 What causes CME Gaps?
A CME gap is produced when the price of Bitcoin opens on the CME exchange higher or below the closing of the previous day. CME markets are closed on weekends and for a portion of the day, which is one of the key causes of CME gaps. Bitcoin is traded continuously on various spot marketplaces.
Takeaways:
*CME Gap's price gap mirrored SPX's price and should be filled anytime soon, giving a slow recovery for the market.
Safe trades!
Bitcoin CME Futures UpdateOkay so I did a little research today on the older Bitcoin Futures CME Gaps. Since today the gap formed where I said in my last post. We created a gap up in July at the same spot that we now are gapping down now. I studied some of the past gaps. There is similar action in 2018 and 2019 that I saw. As far as I know the BTC! CME Futures don't have data before 2018 anyways.
So in 2018 there is similar gap action at about $7,000. It ended up continuing in a long sideways trend until eventually capitulating down. But this was after a bull market and during a clear bear market. Now, in 2019, Oct 28 we see a gap up similar to 2024, July. And in 2020, Mar 09 we see a similar gap down to the one from today. This gap down was very close to the timing of the 2020, Mar 20 COVID bottom. Some could only assume that maybe if COVID didn't happen, then maybe the Mar 09 CME Gap double fill could have marked the 2019 bottom. Of course I'm speculating. I don't really see much similarities to draw from there. But it is a little interesting to me. Perhaps you could relate the two. If so, I think this could be the bottom. And with it being Ghost Month, perhaps that was the bottom for Bitcoin.
I honestly think we could see lower. Even potentially a mini bear market or just another quick capitulation like 2020 Mar 20. We will see. But right now i'm mainly watching if Bitcoin will close a weekly above the 200 daily ma again. It looks like its about to close below again so that's not good. But it certainly has the structure of a higher low and dumps do need to happen. The one today was so violent compared to many and it perfectly filled the CME gap from July creating a new gap in the same spot. Its a little suspicious. I think Bitcoin is ready for higher. You know I want to see this thing go higher lol. But in the end there isn't much data I gained from this Bitcoin CME Futures research today. I think I will keep watching the 200 daily ma for now ✌️ Oh yeah Bitcoin dominance made a new high also... 🤔
CME - Interesting DevelopmentOver the past week we have seen a massive amount of fear regarding a "global recession looming", but at the same time the levels price is interacting with is something we have predicted for a while now.
About a month and a half ago we pointed out a giant CME gap had formed around the $57k level and price would most likely come to fill that gap before resuming the uptrend to break $73k. Here is the link to that post:
So far that prediction has played out perfectly and based on the chart there is no need to fear. Also on the 4H timeframe we have started to see an uptrend start to form on our RSI if we do see a green week this week. No with all the fundamental uncertainty surrounding markets right now it may not be the best time to trade, but what we can watch for is a bottom being formed.
If we in fact see this $57k gap fill level hold and rise back up to fill our new gap at $63k this could create some sort of macro inverse head and shoulders pattern to break us above that key $71.3k level.
Charts say we go up from here, but due to global uncertainty may not be the best time to trade until that bottom is conformed to be in. If we are to continue this bloodbath and fall lower I highly recommend you check out our last post where we pointed out BTC was about to have another drop at $68k before this downside move. That post can be found here:
Btc cmeSo just as expected gap got filled 100% percent . Now it just created another one at 62k I think we go up from here unless bears have full control then we might see it go for lower until bottom of channel is hit . But I think this could be a first entry point and a second entry if it touches bottom of channel
Bitcoin 2 Cme gap fills?Wow I don't think I have ever seen this in my few years of following Bitcoin and also looking at the old charts 😮
Right now Bitcoin cme futures has a gap from July at about 59500-60600
Bitcoin has been gunning for that area today and even reached most of it. I think it hit about 60100. However it's Saturday so the cme futures are not trading so if things close like this tonight. We will see a cme gap down from where it closed (6250 down to where it opens tonight) personally I think it will have another gap down but we will see. That would give us two gaps in about the same place that happened within a month from each other. One up and one down. I will see if this has happened in Bitcoin history but I don't remember it. Interesting times. Personally if 2 gaps happen I think it's bullish. So here we go. More waiting games with Bitcoin while it does interesting things to fake people out. It has now been sideways for about 143 days 😳
Is BTC bottoming out on the CME chart, printing a Harami?
Meanwhile BTCUSDT 15min chart , Cyclic RSI has indicated OB signal x 3 which often signals a pending reversal. Although it might not be enough to halt this larger downward cascade into the 50k zone.
Bitcoin Price Forecast: Heading Towards $60,000 with Potential RIn the coming days, the price of Bitcoin is anticipated to move towards the lower boundary of the channel at around $60,000. This next-level forecast suggests that there could be a period of consolidation or temporary support at this level. However, there is also a possibility that Bitcoin could remain within a broader range, oscillating between $65,000 and $70,000
If Bitcoin successfully holds above the $60,000 mark, it may attract buying interest, leading to a potential rally towards the upper limit of the anticipated range. Conversely, if it breaks below this support level, it could signal a bearish trend, prompting further declines. Therefore, investors should remain vigilant and consider both technical and fundamental analyses to make informed decisions.
Overall, while uncertainties in the cryptocurrency market persist, the projected range of $65,000 to $70,000 suggests that Bitcoin has the potential for stability in the near term, provided certain conditions are met.
BTC1! to sweep highsNote the current price of BTCUSDTP with respect to the price action to the left.
Please note the RTH gap and sellside liquidity just below current price.
Happy to go short if the idea becomes invalid.
Many GOOD calls on $BTC latelyCRYPTOCAP:BTC was weak after we called top.
We turned bullish on #BTC right around the most recent lows.
We sold ALL our #Bitcoin ETF's at the beginning of this week as it was getting closer to resistance and the RSI & $ Flow are weak.
Weekly chart shows that the downtrend is still intact.
We posted the last chart some time ago. Our analysis is looking more & more like a possibility. #crypto
Bitcoin CME Gaps get filled normalyALWAYS look at the CME chart
BITCOIN CME GAPS
The Daily chart shows us one that is still open and down to 58900
For me, this is HIGHLY likely to get filled
So, SPOT BUY order placed at 59K ( not advice, just what I have done ) - Lets see if it gets filled.
What this highlights is simply that the CME is a Major player now. Look at the previous gaps that have been filled
It has the LARGEST share of FUTURES trades in the 'Bitcoin environment", overtaking Binance earlier in the year.
It HAS the power and it WILL use it.
We just have to play along, be smart and understand that most of the time, GAPS get filled. Knowing this can give you very good buying opportunities.
Just be careful when the bull run hits....they may get left behind till the Bear market hits...THEN the Gaps can give us ideas of retracement levels to come.
Lets see how thins plays out
REview Main Focus List 8-1-24Going over our Main Focus list looking for clues as to how we should position ourselves. seeing the market rotate out of the IWM and back into the QQQ's. setting up our plan for the next week or 2.
btc big dump incoming?please be aware that I have been wrong before. but there are some concerning things showing up in the price action of btc. 1st, the 2 lower lows after a triple top. but if I'm wrong. its going to the moon
Is Bitcoin going to fill this gap?I've put some limit buys on this level where the CME gap is as gaps often do get filled up so another opportunity to get more of BTC for a discounted price.
BTC struggles again at resistance area#Bitcoin peaked "yesterday" morning. So far today it is holding the RED Mov Avg, arrow.
We see 3 bullish moving avg crossovers shown by the circles.
Volume has been mostly selling, but holding well. Interesting to say the least.
CRYPTOCAP:BTC RSI is a tad weak, which is concerning.
thee only bearish person on BTCBTC isnt ready to pop just yet, there is a divergence with gold and the Fed are propping it up retail buyers to pump for them to scalp (today 2Billion worth for 3-4,000 Drop)
I think the market is in shambles and Papa Powell is using BTC to prop the market a little longer ... February we will be at our absolute peak unless Trump goes wild and builds a Bitcoin casino in Vegas
7-29-24 Pre Market Main Focus List REviewGoing over our main Focus list Monday Pre Market Open 7-29-24 looking for RS and how to trade the day.
BTC will drop in form of wave E of 4 correctionin this view wave 4 has not ended yet and wave E still on its way to confirm...so if this idea happen,price will drop here until the last low swing touch and after that we will se wave i of bigger 5 up to break last high...
BTC first idea...we r in wave i of big 5 up!!!in this idea wave 4 correction has ended in form of ABCED wave and now we r in wave i of bigger 5 up...so the price will go up and break the last high and after that we will se a correction in form of wave ii...and after that wave iii will start and price will flyyyy so high...but there is another view we will see in next post
