BTC: Expecting the CME gap to get filled!

Dec 30, 2023

Over the past several weeks, the price has surged to levels beyond my expectations. I acknowledge that my previous bearish analyses did not unfold as anticipated. Nonetheless, it's undeniable that the current global macroeconomic trends are concerning. The threat of a recession looms, and a significant downturn in the coming months remains a possibility. Despite the recent impressive rally, I maintain my view that the price will eventually decline. Some may find my perspective unconventional, but divergent thinking can be challenging at times. Although I missed this upward trend, I am confident that the market will eventually move lower. Remember, the trend is your friend, and if you've profited from this uptrend, congratulations!

Currently, the price action is shaping a symmetrical triangle, and it has yet to breach the resistance zone. Should it break above this zone, a rise to 48K is possible. However, bear in mind the presence of a CME gap between 40.5k and FWB:39K, which is likely to be filled if the price drops below the symmetrical triangle.

Jan 3

Note

There is too much sell pressure at the resistance zone!

Jan 22

Note

After breaking the resistance zone, as expected, the price rose to 48k. Currently, I anticipate the CME gap will be filled soon.