BTC: "Mind the gap please!"
Since I'm not an expert trader, and I just do this for fun, I like to keep things simple. So, here it is:
Yes, I get that BTC doesn't have to "mind the gap," but it almost always does. Note the last major gap to be filled from the CME futures is approximately the 8500-9K level (8515-8985 to be exact - see tradingview.com/chart/BTC1!/XIokSYWH-BTCUSD-1D-Bitcoin-CME-show-the-low-point-at-8515/)
At this point the downward channel (black parallel lines) is glaringly obvious. You could also draw a symmetrical triangle too - but I think BTC wants to fill the gap. It NEEDS to fill the gap. It's BTC's **destiny.**
I'm long term super-bullish on BTC. But I don't think it's time for it to restart the parabola just yet - it needs to take care of business first.
Yes, I get that BTC doesn't have to "mind the gap," but it almost always does. Note the last major gap to be filled from the CME futures is approximately the 8500-9K level (8515-8985 to be exact - see tradingview.com/chart/BTC1!/XIokSYWH-BTCUSD-1D-Bitcoin-CME-show-the-low-point-at-8515/)
At this point the downward channel (black parallel lines) is glaringly obvious. You could also draw a symmetrical triangle too - but I think BTC wants to fill the gap. It NEEDS to fill the gap. It's BTC's **destiny.**
I'm long term super-bullish on BTC. But I don't think it's time for it to restart the parabola just yet - it needs to take care of business first.
Note
It looks like it's bouncing within the larger symmetrical (perhaps descending) triangle. I would guess things will be clearer in the next 24 hours.
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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.