A bounce in the area was to be expected, but hold your horses. It hasn't closed yet.
The gap is shown on by the green shaded box.
On Bitfinex and Binance it bounced around $7675, which uncoincidentally was the gap low on CME. BUT this level has not yet been reached on CME.
In other words, many traders placed long orders around $7675, but it seems they didn't adequately compensate for the price differences between exchanges and the CME. A small gap still remains, and so does the incentive for CME to push the price back down.
The gap is shown on by the green shaded box.
On Bitfinex and Binance it bounced around $7675, which uncoincidentally was the gap low on CME. BUT this level has not yet been reached on CME.
In other words, many traders placed long orders around $7675, but it seems they didn't adequately compensate for the price differences between exchanges and the CME. A small gap still remains, and so does the incentive for CME to push the price back down.
