Mission accomplished! CME Gap filled!

27 oct. 2023

The price has surged past the significant 30k resistance, peaking at 35.2k, precisely aligning with the CME gap. These CME gaps are frequently filled over time, but the exact timing remains unpredictable. Monitoring these levels is essential as they are likely to be reached eventually.

Currently, the price is grappling with a resistance line. A successful breach could propel the price towards 37k or even 39k. However, the current uptrend is supported by low volume, enhancing the likelihood of a swift sell-off. Thus, a well-strategized plan is crucial before any trading decision.

I interpret this recent surge as a move primarily to fill the 35.2k CME gap. My perspective remains bearish, foreseeing a potential fall to 12k BTC amidst a gloomy economic backdrop. With the DXY showcasing bullish trends and the S&P500 on a downtrend, historical trends suggest possible substantial downtrends for BTC. Remember, market conditions are inherently unpredictable, and prior predictions, like the head and shoulder pattern, may not always hold.

BTC has been performing better than most assets in recent weeks, but based on their ratios, it appears that BTC may soon reach a resistance level. This suggests that the price of BTC could follow the trend of other assets, or vice versa.

BTC / GOLD ratio:


BTC / NDQ ratio:


BTC / SPX

30 oct. 2023

Note

Possible falg formation:


If the price breaks to the upside, a move to 37k is possible.
If the price breaks to the downside, a move to 31k is possible!

1 nov. 2023

Note

ALTCOINs are having their day.

6 nov. 2023

Note

The price is displaying signs of weakness, specifically in terms of bearish divergences.

8 nov. 2023

Note

Still respecting the resistance trendline