Mind The Gap
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Bitcoin is showing some promising signs of bullishness after it broke and closed above key resistance of around $7700 which has been under for over six weeks.
Before we get too bullish though, many might not have spotted the gap in the CME Futures chart that formed overnight when it stopped trading. Based on history, these gaps tend to get filled, especially on the 4h and certainly on the Daily which is also showing a gap currently.
Bitcoin has now been rejected by the 200 Daily EMA (1200 on the 4h). A re-test of the $7650 level would make a lot of technical sense here before continuing its rally, and this is especially true given the gap that has appeared.
A reminder to myself and anyone caring to read this - don't chase. Concentrate on making good trades. I will be looking to add to my position on a retrace to the golden pocket. I am not banking on the gap being filled in order to enter, but aware that a continued rally from here without a few % retrace seems unlikely at this time.
Before we get too bullish though, many might not have spotted the gap in the CME Futures chart that formed overnight when it stopped trading. Based on history, these gaps tend to get filled, especially on the 4h and certainly on the Daily which is also showing a gap currently.
Bitcoin has now been rejected by the 200 Daily EMA (1200 on the 4h). A re-test of the $7650 level would make a lot of technical sense here before continuing its rally, and this is especially true given the gap that has appeared.
A reminder to myself and anyone caring to read this - don't chase. Concentrate on making good trades. I will be looking to add to my position on a retrace to the golden pocket. I am not banking on the gap being filled in order to enter, but aware that a continued rally from here without a few % retrace seems unlikely at this time.
Nota
We are meeting support at the upper bounds of the gap right now. We've come this far, so it's a wonder why anyone would be buying it here. It just goes to show how many traders are still not paying much credence to these gaps.These gaps have been a powerful indicator so far, but it does not mean they will always be. I recommend staying aware of them but not relying on them.
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