It's on the blockchain, it's in stone now, BTC is not going to fill the CME gap...
I'm going out on a limb and saying that the Bitcoin CME Futures Gap is not going to fill.
You know which gap I am talking about right?
The one that everyone has been talking about down around $9,600-$9,700...
You can see it pretty clearly here:
(Source: https://www.tradingview.com/x/YDTrn8Fp/)
That may not sound like that big of deal, but it really is.
If you go back and look at a chart of every Bitcoin CME Futures gap, you will see that over 90% of them have filled to date, which is one reason why so many people pay attention to them.
Ever since this product launched, the gaps have a very strong tendency to fill, eventually.
I think this time is going to be different...
Though I should probably add a little context to my statement at the top, I don't think the $9,600 CME gap is going to fill within the next 18 months.
A big reason for that is likely due to MSTR.
Microstrategy recently bought $425 million worth of BTC right around $10k.
If you look at the announcements of when they were buying, how they were buying it, and then you look at the above chart... it looks very much like they were the ones not letting BTC fill that gap when it briefly got below $10k several days back...
Basically, MSTR didn't let bitcoin fill that CME gap, and my guess is if the price falls back towards that level again, they will defend it.
For that reason, I think anyone who was hoping to buy some $9,600 BTC or lower, is going to be waiting for a very long time.
At this point, the path of least resistance is probably higher.
Stay informed my friends.
-Doc
Posted Using LeoFinance
Interesting that some real buyers messed up the CME price manipulation.
Look forward to some really big CME futures gaps. Gaps that will destroy the CME.
Yep I'm looking forward to that as well. The CME futures have been a source of spot manipulation for far too long.
I would assume that they were buying BTC just above the gap price and as such, it did not fill
Yep, that's exactly what they were doing.
so on the chart it did not fill but in essence, it would have and they avoided BTC having a bigger drop...
Yep, that's pretty much what I am implying.
Interesting, but I'm not convinced :D
Volume is still on a downward trend which makes a break out less likely (to give one reason)
Well less volume means less sellers as well. There are plenty of instances where prices trend upwards on low volume. Though I do get what you are saying where there is often a search of buying pressure to kick off the bullish run.
I didn't realize it until just now, but yeah, they probably knew the market wanted to fill the gap and realized that was the perfect time to catch all that dumping and defend the level right above it.
I bet way more coins got dumped than would have been because they defended the price like that. They probably fleeced so many weak hands... lol.
Yep exactly. Had they put their buy order below that gap, they may not have gotten enough dumping to get $425 million in without having to move the price...
Sadly, I don't follow the gist cause I barely know a thing about technical analysis. What is CME?
Also, what recommendations would you make for technical analysis learning?
Posted Using LeoFinance
CME is the Chicago Mercantile Exchange, and they have a bitcoin futures product that trades some of the highest dollar volume of any bitcoin futures product in the world.
Wow.
Thanks for the hint. Time to do some study
Posted Using LeoFinance
Now we know why it didnt fill, suggests to me why it will now fill because most of that buy pressure has gone. Clever on their part to fill their bags at that point but why fight the market like that. We still go back down there i think.
Yea, why not put your orders at the bottom of that gap and let the market come to you? Perhaps they wanted to make sure they got in around these levels without the market running away from them.