Bitcoin Could Rally Towards $9000 Support Before Facing a Massive Shed
Bitcoin’s price has been facing a sideways price crises for the past two months. The bears are calling for fresh lows around the $3000 price zone. However, the bulls are anticipating astronomical gains in preparations of an all time high in the near future. Apparently, analysts are taking a timid weekly prediction gradual and careful.
Meanwhile, Bitcoin is taking a turn around the mid $7K range Last week just before christmas the leading coin attempted the $8000 resistance; Only to collapse desperately with a shed of at least $500. Analysts are anticipating a bullish flip in case another low liquidity pump does not hit the market. Which historically, has always created CME gap filing opportunities.
Witty traders are capitalizing on the weekly CME gap. Especially those taking part in leverage trading. Nonetheless, the more obvious the gap fill trades take shape, the higher the likelihood of making them a thing of the past.
Irregardless, the christmas season made it difficult to execute gap fill trades because the CME closes on 24, 25 and 26th December. Hence attempting to execute a gap fill trade was slightly more difficult than other days. Take this for instance -; the Dec 20 Friday Gap had to be filled on Dec 23 Monday. Then the Dec 23 fill left a gap that had to be filled on Dec 27 Friday.
The trading will follow a similar pattern this week. CME Holiday Calendar will again close from Dec 31st to January 2nd.
News source: https://www.cryptoknowmics.com/news/bitcoin-could-rally-towards-9000-support-before-facing-a-massive-shed
Published at Tue, 31 Dec 2019 07:16:30 +0000
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