Bearish trend continues for BTC
Here's a quick look at the weekly BTC chart. As we can see, the price is currently in the crucial support zone , and the price has to hold the support zone to avoid a significant downside. If the price doesn't manage to keep the critical support zone , the price will likely end up in the 12.5k - 9.5k price range.
I must mention that there is still an open CME gap at 9.7k, and we may very well end up at the 9k level and thereby close that CME gap. Tho there's no specific timeline for when they'll get filled.
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What is a CME gap?
Key points:
A CME gap is a break in the graph of the trading prices of an asset, in this case, Bitcoin . So if BTC closed at 8700, then opened the next session at 9400, there would be a 700-point gap in the chart. Some traders believe that gaps will get “filled.” Meaning the asset will go back down, in this example, and “fill the gap.”
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I must mention that there is still an open CME gap at 9.7k, and we may very well end up at the 9k level and thereby close that CME gap. Tho there's no specific timeline for when they'll get filled.
-------------------------------------------
What is a CME gap?
Key points:
A CME gap is a break in the graph of the trading prices of an asset, in this case, Bitcoin . So if BTC closed at 8700, then opened the next session at 9400, there would be a 700-point gap in the chart. Some traders believe that gaps will get “filled.” Meaning the asset will go back down, in this example, and “fill the gap.”
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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