The Bitcoin price is still a hot topic re-shared by many best cryptocurrency news sites. However, what’s interesting in the latest news is a hint by CME Futures gaps which shows that if all goes well, Bitcoin is headed to $18,000 or higher.
Even though most of the analysts first want to see BTC at the $9,000 or $10,000 price targets, one trader believed that BTC may be heading higher – to price points which have left gaps in the CME Bitcoin Futures charts that yet need to be filled.
After going parabolic in the recent weeks, Bitcoin has corrected to a level below $8,000 and further dropped down to $7,500. Currently, the price action shows that BTC is increasing and colliding with the hints and predictions from CME Futures gaps.
Ever since the start of April, Bitcoin has been the main talk of the finance and tech industries – and a hot topic in the latest cryptocurrency news. It was also the first-ever cryptocurrency that has bounced back from bear market lows and captured the attention of the market and media once again.
So, is a new parabolic move coming in for Bitcoin?
The CME Futures gaps show that this is entirely possible, mostly because of Bitcoin’s move in late December 2017 which left two unfilled gaps on CME Group’s Bitcoin Futures chart. These two gaps, according to some altcoin news analysts, could mean that Bitcoin is targeting $17,700 and $18,500 – which are two price levels without candle bodies as can be seen in the chart shared by the self-proclaimed “shitcoin trend trader,” Rampage.
$BTC CME gaps yet to be filled;
Look's like we're headed back to fill those gaps! pic.twitter.com/DUiCdX23cq
— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) May 21, 2019
The CME Futures gaps show that certain filling is needed. Speaking of, in the financial market, “filling the gap” is basically a process in which an asset returns to its previous price levels where a void in the chart has formed – due to the price of the asset which is rising or declining quickly while the trading is offline. When the trading resumes, the price of the asset is significantly lower or higher than it was at close – thereby leaving a gap.
This Bitcoin gap is a major topic right now and could hint on something bigger than many expect.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
Bitcoin Goes Below $8,000 Overnight: What Is The Reason?
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
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