BTC is looking to close the CME futures gap 8890 before a rally

BTC is looking to close the CME futures gap 8890 before a rally

BTC COINBASE:BTCUSD is trading below 9300 changing hands around 9150 and retesting low 9000s yet again to pop the CME futures gap. 9300 support line was a critical area for further upside price action to break resistance above 9800 which caught no buyers to rally regardless of a pump over the weekend getting stomped out. Support becomes resistance and vice versa in most cases.

Currently we may be looking to retest lower lows around 8800s. As you can see the VPVR has very little support in between and below 8800, which if it doesn’t just wick to close the gap, the price could fall to 8500’s and wick down to 8300 during an engulfing acceleration. This would obviously without a bounce would change the weekly candle significantly pressing a more bearish sentiment to lower lows. Peronsonally based on the moving average support trending bullish I don’t think we will crosss lower lows, would take a ton of sell pressure to do so.

Hard stops for Longs below should below 8800. Trading volume is obviously low over the weekend and easily manipulated with smaller positions to alter the price action in either direction. ALTs will potentially surge to shift BTC on lower dominance into altcoins respectively.

Above 9800 closing on the daily we’d be looking for the next measured move weekly to the upside is 11300 as long as we close above the bull flag which is around 9800s. For now we are back inside the descending triangle with choppy consolidation and an indecisive market.

Shorts vs Longs on the 4 hour have accelerated to 54% across the future exchanges which we will likely see a rapid downward trend followed by a short squeeze.

Good Luck!

Published at Sun, 03 Nov 2019 14:59:18 +0000

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