Bitcoin: Absolutely CRITICAL CME Gap Analysis 1D (Jul. 27)

27 июл. 2020 г.

X Force Global Analysis:


If you find our analyses to be helpful, make sure to support us by dropping a like


In this analysis, we refer to the CME Bitcoin Futures chart to assess the possible bullish and bearish probabilities, as well as significant support and resistance zones.

Analysis

- To begin with, we can first notice that Bitcoin has broken out of the descending trend line resistance
- This adds weight to a significantly bullish case, as it provides confirmation for the consolidation being over
- We can also notice two major gaps on the chart, that haven't been filled.
- The first gap is at 11.8K, near the 0.786 Fibonacci retracement resistance level
- The second gap is at 9.8k, near the 0.618 Fibonacci retracement resistance level
- We are currently having difficulties breaking through resistance, as the 0.618 has been tested multiple times over the past few months

Market Sentiment:

Long short ratios are at 73 to 27, with significantly more long positions than shorts, indicating a strongly bullish market sentiment.

What We Believe

We believe that despite the gap at 9.8k, more weight is added to a bullish scenario, as we have broken out of major trend line resistance, and the psychological resistance at 10k as well.

Let us know what you think in the comment section below


Trade Safe.