{"id":437599,"date":"2020-09-07T20:00:29","date_gmt":"2020-09-07T20:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=437599"},"modified":"2024-06-11T14:16:04","modified_gmt":"2024-06-11T14:16:04","slug":"bitcoin-is-sandwiched-between-two-important-short-term-targets","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-is-sandwiched-between-two-important-short-term-targets\/","title":{"rendered":"Bitcoin Is Sandwiched Between Two Important Short-Term Targets"},"content":{"rendered":"

As tempting as a Bitcoin<\/a> sandwich may sound, its a stressful moment for investors who find the cryptocurrency at a pivotal level.<\/p>\n

The asset is currently holding at $10,000, but two targets Bitcoin is sandwiched between mean this level won’t last long \u2013 one way or the other. But which way will it be?<\/p>\n

CME Bitcoin Futures Gap Could Act As Reversal Target<\/h2>\n

Bitcoin price fell last week by over $2,000 in 48 hours<\/a> \u2013 wiping out billions from the crypto market cap.<\/p>\n

A market filled with extreme greed quickly turned to fear<\/a>, as the crypto asset suddenly traded back at under $10,000.<\/p>\n

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.<\/p>\n

Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

During especially volatile weekend price action, “gaps” are left behind on price charts. These gaps often act as targets that get “filled” eventually.<\/p>\n

Speculative assets that move at extreme speeds and velocity are most apt to leave gaps behind.<\/p>\n

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.<\/p>\n

\"bitcoin<\/p>\n

CME Bitcoin Futures BTC1! Daily Price Chart \"Gaps\" | Source: TradingView<\/a><\/pre>\n
Crypto Could Aim Higher Before Lower Gap Is Filled<\/h2>\n
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.<\/p>\n
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.<\/p>\n
This leaves the current level dead smack sandwiched between both targets at around the same distance.<\/p>\n
Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead<\/a><\/strong><\/em><\/p>\n
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<\/a>.<\/p>\n
However, a gap left above does suggest the crypto asset will at least retest that level before a clearer picture of the trend develops.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2013 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 \u2013 wiping out billions from the crypto market cap. 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. 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.<\/p>\n","protected":false},"author":517,"featured_media":437607,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-437599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Is Sandwiched Between Two Important Short-Term Targets<\/title>\n<meta name=\"description\" content=\"As tempting as a Bitcoin sandwich may sound, its a stressful moment for investors who find the cryptocurrency at a pivotal level. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Is Sandwiched Between Two Important Short-Term Targets","url":"http:\/\/uniquehot.com\/news\/bitcoin-is-sandwiched-between-two-important-short-term-targets\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-is-sandwiched-between-two-important-short-term-targets\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/bitcoin-sandwich-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/bitcoin-sandwich-scaled.jpg?fit=2560%2C1309"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2020-09-07T20:00:29Z","datePublished":"2020-09-07T20:00:29Z","dateModified":"2024-06-11T14:16:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Is Sandwiched Between Two Important Short-Term Targets\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-is-sandwiched-between-two-important-short-term-targets\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-is-sandwiched-between-two-important-short-term-targets\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-sandwich-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-sandwich-scaled.jpg?fit=2560%2C1309\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-09-07T20:00:29Z\",\"datePublished\":\"2020-09-07T20:00:29Z\",\"dateModified\":\"2024-06-11T14:16:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/bitcoin-sandwich-scaled.jpg?fit=2560%2C1309","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/437599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=437599"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/437599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/437607"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=437599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=437599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=437599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}