Bitcoin has still strong support and CME GAP confirms its role
Bitcoin hold quite well and it’s time to look at its behavior of the last week with the prospect of the following days.
Since the last article, when the BTC was sent several times by bears from the $ 7K zone, we now have better prospects. After three days of trouble, Bitcoin took up his power and the Bulls sent him up with decent volumes.
- Volume were one of the largest this month and bulls in April clearly have more power and a better position.
If you have also followed my previous article, we can see a beautiful example of the functionality of CME GAP, i wrote “We found a new CME GAP in the area of 7150-7300 $, is possible movement into this zone.” and after 5 days we were there. What is even more striking is that the price has reached a maximum of $ 7293 (binance) so almost on the 100% exactly.
Let’s look at what the technical analysis sees and what the trading tips are:
- The bulls have pushing out the BTC 2 times today and partially confirmed support at the price area $ 7k
- The Bears will try it a few more times to really make sure the BTC has a strong defense
- Following hours and days will be more important for bulls, because have the chance of trying to overcome $ 7500 again
- If bears beat BTC with big sales we can go sideways for a few days, and after they will test support at $ 6500
- OPEN SHORT in area 7400$ – 7500$ with stop loss at 7550$
- OPEN LONG in area 6950$ with stop loss at 6890$