Bitcoin CME gap at 23k. Will we fill it?

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Avatar for nolyoi
Written by
3 years ago

The Gap

The CME chart has a rather large gap down at 23k as you can see in the chart above in the golden box.

Do you think we have a gap fill coming this week? Over the history of BTC the gaps tend to fill something like 95% of the time.

If the 30k support gets broken, I'm assuming we will fill it.

If so, I would expect it to get bought up immediately and hopefully put us back on the upward trajectory and eventually to new ATHs.

Overall, this retrace is healthy. I see a lot of people on social media freaking out about it. "OMG we dorpped 20%!" "BTC is dead" etc.

I don't know where people get the idea the an asset never corrects and just goes up infinitely. But, judging by social media apparently lots of people have that assumption lol.

BTC 4hr Spot Chart

If we take a look at the 4hr spot chart, we can see that we recently had a bounce off of the support at ~$30k.

Personally, I'm only expecting a bounce here and then more continuation to the downside.

If the 30k breaks, like I said before, I am expecting that gap at $23k to fill.

But, it's also possible that the price could rebound right where we're at. There isn't a law on gap fills and it's very possible $30k could be the bottom of this correction.

What are your thoughts?

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Avatar for nolyoi
Written by
3 years ago