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Home Cryptocurrency news Bitcoin

Bitcoin Is Sandwiched Between Two Important Short-Term Targets

Tony Spilotro by Tony Spilotro
6 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min 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.

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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.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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