Bitcoin May Not Drop to Fill the CME Gap
Because the CME’s Bitcoin futures market doesn’t trade on weekends, there is often a gap formed between each week’s price action. For some unexplained reason, BTC has filled a vast majority of these gaps just shortly after they open.
A report from crypto research firm Markets Science indicates that basically all CME gaps fill eventually and at least three-quarters fill within a week of them being opened.
One Bitcoin gap exists at $9,600, when BTC suddenly broke out in late July and early August in a rally that took the coin to $12,000.
Willy Woo, a prominent on-chain analyst, isn’t convinced Bitcoin will fill the existing gap around $9,600. He recently wrote on the matter:
Chart of BTC's price action over the past few weeks with a gap analysis by crypto trader and analyst Willy Woo (@Woonomic on Twitter). Chart from TradingView.com
Reasons Why BTC May Bounce
There are technical and fundamental reasons why Bitcoin may resume its ascent as opposed to trending lower.
Woo, for instance, recently indicated that the on-chain trends of the cryptocurrency are flipping bullish.
Woo predicted the ongoing Bitcoin price correction. He wrote at the end of August that a move to the high-$9,000s was likely due to on-chain trends and technical trends.
Photo by Sunira Moses on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Bitcoin Might Not Dip to $9,600 to Fill] the CME Gap
Originally from Bitcoinist.com https://ift.tt/2RfXbMi
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