BTC1!: Two CME Gaps (High Possibility for a Drop) - Trading 101
Hello traders! What a crazy weekend for Bitcoin. After a 50M buy in from the company, Square, we have seen a small rally to the upside. A lot of shorts were liquidated along the way, but that shouldn't stop the bears from taking new positions. Let's take a clear look at the TWO CME Gaps on our timeline currently.
Technicals:
1. We are seeing a clear attempt by the bears trying to fill the CME gap just created over the weekend. This was to be predicted, especially after a strong, low volume rally.
2. Gap filling traditions have been statistically shown that BTC will always fill gaps! Please take a look at our analysis on showing the average time to fill gaps via our CME Gap Theory that was an 'editor's pick':
3. We are also seeing a possible RSI Bearish divergence on the 4H chart. We are seeing extremely overbought levels at the moment, followed by a large sell off. This sell off makes the oscillator drop, while the price remained in tact, giving a chance for the bulls to re-attempt a 4-5% move to the upside. With bearish pressure that is now apparent, we can assume to see a bearish RSI divergence.
Trade Safe.
X Force
Technicals:
1. We are seeing a clear attempt by the bears trying to fill the CME gap just created over the weekend. This was to be predicted, especially after a strong, low volume rally.
2. Gap filling traditions have been statistically shown that BTC will always fill gaps! Please take a look at our analysis on showing the average time to fill gaps via our CME Gap Theory that was an 'editor's pick':
3. We are also seeing a possible RSI Bearish divergence on the 4H chart. We are seeing extremely overbought levels at the moment, followed by a large sell off. This sell off makes the oscillator drop, while the price remained in tact, giving a chance for the bulls to re-attempt a 4-5% move to the upside. With bearish pressure that is now apparent, we can assume to see a bearish RSI divergence.
Trade Safe.
X Force
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📢 Twitter | twitter.com/XForceGlobal
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