BTC CME chart has opened this week with no price gap on local levels, which is a good thing.
This structure will remain with a bullish bias for me until the blue market structure is broken. In my view, this market structure breaking will happen before any major price reversal. I am looking for a major reversal at some point, but that market structure will be my indication that we are near.
BTC is hovering under overhead resistance at 31-31.5k currently. This may not break out on this attempt, and if it doesn’t I would be looking for price to fill in the compression area between our market structure and the overhead resistance. I recommend not trading this area until you are on very low timeframes as it’ll eat up your portfolio quickly.
And if we do get the breakout higher, I am expecting the CME gap to get filled at about 35k. That may not be a final price target, but it’s certainly a spot where I will offload a lot of spot BTC in preparation for a market reset.
BTC CME chart has opened this week with no price gap on local levels, which is a good thing.
This structure will remain with a bullish bias for me until the blue market structure is broken. In my view, this market structure breaking will happen before any major price reversal. I am looking for a major reversal at some point, but that market structure will be my indication that we are near.
BTC is hovering under overhead resistance at 31-31.5k currently. This may not break out on this attempt, and if it doesn’t I would be looking for price to fill in the compression area between our market structure and the overhead resistance. I recommend not trading this area until you are on very low timeframes as it’ll eat up your portfolio quickly.
And if we do get the breakout higher, I am expecting the CME gap to get filled at about 35k. That may not be a final price target, but it’s certainly a spot where I will offload a lot of spot BTC in preparation for a market reset.