{"id":410456,"date":"2020-01-10T14:30:32","date_gmt":"2020-01-10T14:30:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=410456"},"modified":"2020-01-10T14:33:47","modified_gmt":"2020-01-10T14:33:47","slug":"remaining-cme-futures-gaps-hint-at-bitcoins-next-potential-targets","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/remaining-cme-futures-gaps-hint-at-bitcoins-next-potential-targets\/","title":{"rendered":"Remaining CME Futures Gaps Hint At Bitcoin\u2019s Next Potential Targets"},"content":{"rendered":"
Recently, a study was released that suggests that gaps left on CME Bitcoin futures charts are filled with as much as 95% accuracy, and often fill during the first week trading resumes.<\/span><\/p>\n Because of how accurate the data appears to be, pair of gaps remaining on CME Bitcoin futures charts could hint at where Bitcoin price<\/a> heads next.<\/span><\/p>\n Unlike other cryptocurrency exchanges that are open and trading around the clock, the Chicago Mercantile Exchange\u2019s Bitcoin futures market<\/a> is only open and trading Monday through Friday.<\/span><\/p>\n During the weekends, any significant price action often leaves a significant gap on the price charts of futures contracts for the first-ever cryptocurrency. These gaps, often become a target that price action almost always gravitates towards, with as much as 95% accuracy according to a recently released study.<\/span><\/p>\n Related Reading | Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky<\/a><\/strong><\/em><\/p>\n Because these gaps fill with such accuracy, they\u2019ve become a useful tool for crypto traders and analysts watching for where to take profit, or where to enter a trade.<\/span><\/p>\n Bitcoin price<\/a> is currently trading at around $7,900 after an inverse head and shoulders pattern confirming took the price of the crypto asset to $8,400 before dropping back down to current levels. The move pushed Bitcoin out of the trading range where lows were set around $6,500.<\/span><\/p>\n https:\/\/twitter.com\/josh_rager\/status\/26670336?s=21<\/p>\n Bitcoin price<\/a> may have lower to fall, as there\u2019s a CME futures cap left unfilled at $7,615. However, the cryptocurrency may have flipped resistance as support at $7,800, which could suggest that the gap will remain unfilled for some time.<\/span><\/p>\n While a previous study did reveal that most CME gaps are filled within the first session trading resumes, or at least the first week of trading, oftentimes, gaps go on unfilled for an extended period of time, and some, never get filled at all.<\/span><\/p>\n There yet remains another CME futures gap open since August 2019, back when Bitcoin price<\/a> was trading over $10,000. If Bitcoin has indeed bottomed and can maintain the recent bullish momentum, it could eventually make its way higher and retest former highs, taking the price of Bitcoin to a CME gap located at $11,855.<\/span><\/p>\n Related Reading | Psychology of a Market Cycle: Are Bitcoin Investors In Denial?\u00a0<\/a><\/strong><\/em><\/p>\n$7,600 or $11,900: Two Bitcoin Targets Based on CME Futures Gaps<\/span><\/h2>\n