Bitcoin CME Futures Update
Okay so I did a little research today on the older Bitcoin Futures CME Gaps. Since today the gap formed where I said in my last post. We created a gap up in July at the same spot that we now are gapping down now. I studied some of the past gaps. There is similar action in 2018 and 2019 that I saw. As far as I know the BTC! CME Futures don't have data before 2018 anyways.
So in 2018 there is similar gap action at about $7,000. It ended up continuing in a long sideways trend until eventually capitulating down. But this was after a bull market and during a clear bear market. Now, in 2019, Oct 28 we see a gap up similar to 2024, July. And in 2020, Mar 09 we see a similar gap down to the one from today. This gap down was very close to the timing of the 2020, Mar 20 COVID bottom. Some could only assume that maybe if COVID didn't happen, then maybe the Mar 09 CME Gap double fill could have marked the 2019 bottom. Of course I'm speculating. I don't really see much similarities to draw from there. But it is a little interesting to me. Perhaps you could relate the two. If so, I think this could be the bottom. And with it being Ghost Month, perhaps that was the bottom for Bitcoin.
I honestly think we could see lower. Even potentially a mini bear market or just another quick capitulation like 2020 Mar 20. We will see. But right now i'm mainly watching if Bitcoin will close a weekly above the 200 daily ma again. It looks like its about to close below again so that's not good. But it certainly has the structure of a higher low and dumps do need to happen. The one today was so violent compared to many and it perfectly filled the CME gap from July creating a new gap in the same spot. Its a little suspicious. I think Bitcoin is ready for higher. You know I want to see this thing go higher lol. But in the end there isn't much data I gained from this Bitcoin CME Futures research today. I think I will keep watching the 200 daily ma for now ✌️ Oh yeah Bitcoin dominance made a new high also... 🤔
So in 2018 there is similar gap action at about $7,000. It ended up continuing in a long sideways trend until eventually capitulating down. But this was after a bull market and during a clear bear market. Now, in 2019, Oct 28 we see a gap up similar to 2024, July. And in 2020, Mar 09 we see a similar gap down to the one from today. This gap down was very close to the timing of the 2020, Mar 20 COVID bottom. Some could only assume that maybe if COVID didn't happen, then maybe the Mar 09 CME Gap double fill could have marked the 2019 bottom. Of course I'm speculating. I don't really see much similarities to draw from there. But it is a little interesting to me. Perhaps you could relate the two. If so, I think this could be the bottom. And with it being Ghost Month, perhaps that was the bottom for Bitcoin.
I honestly think we could see lower. Even potentially a mini bear market or just another quick capitulation like 2020 Mar 20. We will see. But right now i'm mainly watching if Bitcoin will close a weekly above the 200 daily ma again. It looks like its about to close below again so that's not good. But it certainly has the structure of a higher low and dumps do need to happen. The one today was so violent compared to many and it perfectly filled the CME gap from July creating a new gap in the same spot. Its a little suspicious. I think Bitcoin is ready for higher. You know I want to see this thing go higher lol. But in the end there isn't much data I gained from this Bitcoin CME Futures research today. I think I will keep watching the 200 daily ma for now ✌️ Oh yeah Bitcoin dominance made a new high also... 🤔
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