Bitcoin CME futures have witnessed an $800 gap followed by another $1,000 dip after opening on Sunday. The total gap of $1,800 [-15.51%] was created over the weekend causing Bitcoin CME futures to decline from $11,990 to $9,915. As we know, CME bitcoin futures market will be closed at weekend, indicating that the recent spot market fluctuation happened at weekend was related to the declines in futures market.
The gaps in CME futures play an important role in predicting BTC spot market movements as each of these gaps eventually gets filled. In the past 2 months, CME bitcoin futures price had performed greatly declines and created gaps for 8 times, and 5 of which had been completely filled. And the last gap was created due to the sharply plunge at weekend.
According to the price performance in the recent bitcoin market, the gap formed might be filled in the short term. And based on the high price position of the gap at weekend, it needs to rally back above $11,500 level to fill the gap, which is also the resistance. Filling the gap will not switch the market trend in the short term, on the contrary, it might somewhat consolidate the downward trend.
If bitcoin price fails to rebound, it might decline to fill the gap at around $8,500 – $9,000 range and get further low.
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The post CME Bitcoin Futures’s Gaps Filling Predict that BTC will Get Lower Lows? appeared first on The Merkle Hash.
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