CME - Showing Early Signs of Weakness
This move has played out picture perfect. Please check out "BTC - Next Week Expectations" to see the prediction vs reality.
Upon open of CME we created a gap that is currently around the low 28k region. If you have been watching CME you knows these gaps like to be filled. We are also finding resistance at overbought conditions on our 4H RSI (red circle).
In our previous post we pointed out how we would most likely get a short squeeze and break our last micro high of 29.2k so whales could soak up all the liquidity from such a squeeze. So far we did break above that high and have seen the bullish momentum of price action start to stall in this zone (most likely longs getting trapped/ new shorts being filled). Price could remain bullish up until Wednesday and maybe even test close to the 30k region. Please be warned to use extreme caution with our opening price action this week. Looking for shorts in this range look more profitable than longs due to the overbought nature of the 3D and lower timeframes.
Upon open of CME we created a gap that is currently around the low 28k region. If you have been watching CME you knows these gaps like to be filled. We are also finding resistance at overbought conditions on our 4H RSI (red circle).
In our previous post we pointed out how we would most likely get a short squeeze and break our last micro high of 29.2k so whales could soak up all the liquidity from such a squeeze. So far we did break above that high and have seen the bullish momentum of price action start to stall in this zone (most likely longs getting trapped/ new shorts being filled). Price could remain bullish up until Wednesday and maybe even test close to the 30k region. Please be warned to use extreme caution with our opening price action this week. Looking for shorts in this range look more profitable than longs due to the overbought nature of the 3D and lower timeframes.
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