New Open CME Futures Gap| BTC Resistance .618 Fibonacci Level
Hello traders!,
Today’s chart update will be on BTC CME Futures chart which has just put in a new gap that will most probably fill sooner rather than later.
Points to consider,
- Trend hitting resistance, .618 Fibonacci
- .382 Fibonacci is local support
- RSI in overbought territory
- Stochastics in upper region
- EMA’s yet to meet price
- Volume below average
Local resistance, the .618 Fibonacci; is a key level for BTC to break to maintain a bullish bias, this will help create higher highs in the overall trend. Support is found at the .382 Fibonacci level, below the futures gap, bulls have a lot of room to work with in order to establish a new higher low whilst filling the gap.
RSI is resting on overbought territory; a return back to support is highly probable, this will help cool of the indicator. Stochastics itself is also in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside.
EMA’s are yet to meet price, must hold BTC as support as the EMA’s have already crossed bullish. Volume is below average, an influx of bull volume is needed to keep BTC above support when and if it comes down to fill the open gap.
Overall, in my opinion, gaps tend to get filled sooner rather than later. BTC is highly probable to retrace back to at least $7255 level before another impulse move either up and or down.
What are your thoughts?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
Today’s chart update will be on BTC CME Futures chart which has just put in a new gap that will most probably fill sooner rather than later.
Points to consider,
- Trend hitting resistance, .618 Fibonacci
- .382 Fibonacci is local support
- RSI in overbought territory
- Stochastics in upper region
- EMA’s yet to meet price
- Volume below average
Local resistance, the .618 Fibonacci; is a key level for BTC to break to maintain a bullish bias, this will help create higher highs in the overall trend. Support is found at the .382 Fibonacci level, below the futures gap, bulls have a lot of room to work with in order to establish a new higher low whilst filling the gap.
RSI is resting on overbought territory; a return back to support is highly probable, this will help cool of the indicator. Stochastics itself is also in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside.
EMA’s are yet to meet price, must hold BTC as support as the EMA’s have already crossed bullish. Volume is below average, an influx of bull volume is needed to keep BTC above support when and if it comes down to fill the open gap.
Overall, in my opinion, gaps tend to get filled sooner rather than later. BTC is highly probable to retrace back to at least $7255 level before another impulse move either up and or down.
What are your thoughts?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
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