CME - Predicting the Future
This is an update to our last tradingview post found here:
So far it has been amazing to see how price action has played out with this trendline. Even though price has wicked above a few times, most of the candle bodies continue to close below it. Therefore should we expect a drop soon?
If there is a large scale drop I want to prepare you guys for where that next major buying opportunity might be. It seems like all the stars are aligning to make this prediction become a reality but let me lay it out for you.
There are three main reasons this might become Bitcoin's next low (based solely on the technicals).
The first reason is because it is the 0.618 of its low before the election to its recent top. This would put Bitcoin around $77,500.
The second reason is because of our yellow line. This represents the ATH that was established March 2024. If price comes back down to revisit that high it should be old resistance being flipped into new support! That would put Bitcoin somewhere around $78,900.
The final reason is because of the CME gap. Historically, gaps tend to be filled and that gap is $80,700-$77,100.
Therefore, one of the best areas for Bitcoin to create its next macro higher low before continuing the bullmarket will most likely be between $76,800-$80,800.
So far it has been amazing to see how price action has played out with this trendline. Even though price has wicked above a few times, most of the candle bodies continue to close below it. Therefore should we expect a drop soon?
If there is a large scale drop I want to prepare you guys for where that next major buying opportunity might be. It seems like all the stars are aligning to make this prediction become a reality but let me lay it out for you.
There are three main reasons this might become Bitcoin's next low (based solely on the technicals).
The first reason is because it is the 0.618 of its low before the election to its recent top. This would put Bitcoin around $77,500.
The second reason is because of our yellow line. This represents the ATH that was established March 2024. If price comes back down to revisit that high it should be old resistance being flipped into new support! That would put Bitcoin somewhere around $78,900.
The final reason is because of the CME gap. Historically, gaps tend to be filled and that gap is $80,700-$77,100.
Therefore, one of the best areas for Bitcoin to create its next macro higher low before continuing the bullmarket will most likely be between $76,800-$80,800.
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