Bitcoin closed the last negative gap …
Bitcoin closed the last negative gap in the CME futures market
Bitcoin’s recent drop to $ 7,650 has closed the last gap below the Chicago Mercantile Exchange’s futures market, and crypto traders see this as a positive signal..
“Big news: Bitcoin just closed the $ 7,685 CME gap! – writes trader Karl Eric Martin. – There are no more gaps for bitcoin below. Finally we can start a bullish rally! “
Such gaps or gaps are formed when the underlying asset undergoes an abrupt change in rate while the derivatives market is closed. Subsequently, the market opens below or above the closing level of the previous session. Futures market gaps tend to close, which traders try to exploit when predicting the behavior of the underlying asset.
Analyst Michael van de Poppe admits that Bitcoin may bounce slightly from current levels to $ 8,200 or even $ 8,500, but primarily expects a decline to the $ 7,300 – 7,600 zone.
The pseudonym SinkTrader analyst suggests not to build excessively bullish forecasts in the short term and reminds of the recession in global financial markets. “The whales are manipulating bitcoin and intend to lower it to $ 6,000 to buy there before the next bull rally,” he writes..
Trader FeraSY1 believes that explanations such as “usual gap closing / correction”, “panic due to coronavirus”, PlusToken, “manipulation of whales before halving” have nothing to do with the current situation on the bitcoin market. “This is actually the first time that cryptocurrency markets have seen a sell-off in global markets, so no one can tell exactly how Bitcoin will behave,” he adds..
Willie Wu argues that the black swan of the coronavirus has affected cryptocurrency and traditional markets alike. Analyzing investor activity on the blockchain, he states that the long-term outlook for bitcoin still looks “solid”, while the near future seems “very creepy, as if something hit the market (COVID-19?)”.
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