BTC CME Futures Chart, Hourly, 1:00 PM EST, 5:00 PM UTC
There's a bit of a unique setup on the lower-mid term timeframes for BTC. Yesterday's sell-off occurred between 5-6 PM EST, which coincided with a 1 hour break in the CME futures market. Contrary to popular belief, the CME Futures exchange actually does not operate 24/5, but actually 23/5 with a 1 hour session break.
"CME Globex:
Sunday - Friday 5:00 p.m. - 4:00 p.m Central Time (CT) with a 60-minute break each day beginning at 4:00 p.m. CT"
As the sell-off in the spot market occurred during the break in the CME futures session, there is coincidentally now a price gap to fill between $27000-27540 region. This would be an attractive area for short traders to re-enter the market if we do have a relief bounce in the coming days.
One could set conditional market orders to go short if price enters this region. As a reminder, always utilize proper risk management.
There's a bit of a unique setup on the lower-mid term timeframes for BTC. Yesterday's sell-off occurred between 5-6 PM EST, which coincided with a 1 hour break in the CME futures market. Contrary to popular belief, the CME Futures exchange actually does not operate 24/5, but actually 23/5 with a 1 hour session break.
"CME Globex:
Sunday - Friday 5:00 p.m. - 4:00 p.m Central Time (CT) with a 60-minute break each day beginning at 4:00 p.m. CT"
As the sell-off in the spot market occurred during the break in the CME futures session, there is coincidentally now a price gap to fill between $27000-27540 region. This would be an attractive area for short traders to re-enter the market if we do have a relief bounce in the coming days.
One could set conditional market orders to go short if price enters this region. As a reminder, always utilize proper risk management.
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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.
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.