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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Is Sandwiched Between Two Important Short-Term Targets

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin sandwich

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As tempting as a Bitcoin sandwich may sound, its a stressful moment for investors who find the cryptocurrency at a pivotal level.

The asset is currently holding at $10,000, but two targets Bitcoin is sandwiched between mean this level won’t last long – one way or the other. But which way will it be?

CME Bitcoin Futures Gap Could Act As Reversal Target

Bitcoin price fell last week by over $2,000 in 48 hours – wiping out billions from the crypto market cap.

A market filled with extreme greed quickly turned to fear, as the crypto asset suddenly traded back at under $10,000.

Thus far, several trips below $10,000 have been bought up fast, but according to remaining CME gaps left unfilled, a deeper drop isn’t out of the question.

Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run

The Chicago Merchantile Exchange offers Bitcoin futures trading desk Monday through Friday. As soon as the weekend hits, trading stops. But as we all know too well, crypto never sleeps, and despite the weekday trading desk hours the market keeps on moving.

During especially volatile weekend price action, “gaps” are left behind on price charts. These gaps often act as targets that get “filled” eventually.

Speculative assets that move at extreme speeds and velocity are most apt to leave gaps behind.

The CME gap below that could act as a target for a reversal or stronger bounce lies at $9660. But there are still targets above that could get taken out before the lower target is ever reached.

bitcoin btcusd cme gaps

CME Bitcoin Futures BTC1! Daily Price Chart "Gaps" | Source: TradingView

Crypto Could Aim Higher Before Lower Gap Is Filled

Assets, even Bitcoin, don’t move in a straight line. Bitcoin has already dropped so severely, it is difficult to imagine significant downside immediately from here.

Before the cryptocurrency touches the lower gap on CME price charts, it could first aim for the gap above. This gap will fill at roughly $10,400 to $10,600.

This leaves the current level dead smack sandwiched between both targets at around the same distance.

Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead

A fall to below isn’t necessarily bearish so long as a reversal takes place there or slightly lower. Weekly closes back within the asset’s downtrend line could indicate that the recent break above $10,000 was nothing but a false breakout.

However, a gap left above does suggest the crypto asset will at least retest that level before a clearer picture of the trend develops.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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