As expressed yesterday, the gap left on CME futures would most likely get filled sooner rather than later and that's exactly what happened overnight. After rejection near the 50%FIB level, Bitcoin in the overnight session came down and closed the gap at around $6420 and seems to be finding temporary support around this POC. This is a strong support area for Bitcoin and a bounce here could take it back higher near the top of the channel but we do still have room lower to test the bottom of this flag.
If this bearflag were to break down, we could assume the lows will be tested and higher odds of a break this time on its third test. The next few hours will hopefully tell us what we need to know about the direction of the market.
As always stay safe and thanks guys!
If this bearflag were to break down, we could assume the lows will be tested and higher odds of a break this time on its third test. The next few hours will hopefully tell us what we need to know about the direction of the market.
As always stay safe and thanks guys!