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CME Futures Gaps Hint Bitcoin Price is Headed to $18,000 Or Higher

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin price has gone parabolic in recent weeks, and while the leading cryptocurrency by market cap is currently taking pause for some much needed consolidation, much of the market is predicting that this is just the beginning of upside momentum.

While most have conservative price targets of $9,000 or $10,000, one trader believed that Bitcoin may be targeting significantly higher – price points that have left gaps in the CME Bitcoin Futures charts that have yet to be filled.

Will Bitcoin Price Fill CME Futures Gaps At Near Previous All-Time High?

Since the start of April, Bitcoin has been the talk of the finance and tech industries, and the first-ever cryptocurrency has bounced back from bear market lows, and captured the attention of the market and media once again with a parabolic move that cannot be ignored.

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Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble

As Bitcoin’s highly-publicized parabolic move in late December 2017 collapsed, on the way down, the asset left two unfilled gaps on CME Group’s Bitcoin Futures chart. The two gaps could suggest that Bitcoin is targeting $17,700 and $18,500 – the two Bitcoin price levels without candle bodies as can be seen in the chart below shared by self-proclaimed “shitcoin trend trader,” Rampage.

$BTC CME gaps yet to be filled;

– $18,500
– $17,700

Look's like we're headed back to fill those gaps! pic.twitter.com/DUiCdX23cq

— Caesar? (@thrillmex) May 21, 2019

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In financial markets,”filling the gap” is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rising or declining quickly while trading is offline. When trading resumes, the price of the asset is significantly lower or higher than it was at close, leaving a gap.

These gaps often act as magnets for price action. Such an example happened as recently as May 16, when the price of Bitcoin flash crashed to $6,600 in the blink of an eye. The violent sell-off perfectly filled the gap left during Bitcoin’s powerful parabolic advance in earlier in May.

$BTC – CME Futures Gap officially filled

Looks like that was the dip to buy

This is very bullish pic.twitter.com/hYCRMKUj2i

— Josh Rager ? (@Josh_Rager) May 17, 2019

Gaps are more commonly found in speculative assets, where exuberance can run wild and drive the price of assets up or down faster than in markets where the asset’s price is better tied to fundamentals. There are also many different kinds of gaps, including common gaps, breakaway gaps, runaway gaps, and exhaustion gaps.

Related Reading | Next Bitcoin Bull Run Will Be First Cycle Supported By Established Financial Firms 

The gaps found on Bitcoin charts are likely runaway gaps, which occur when there is strong impulse moves in either direction. They also could be breakaway gaps, since they are found near a reversal. Breakaway gaps are typically supported by high volume.

Common gaps are brought about by normal market movements, while exhaustion gaps occur following a rapid rise as the trend begins to lose steam.

Tags: bitcoinbitcoin futuresbitcoin priceCME Groupcrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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