Analysts decode Bitcoin’s market movement and predict a possible short breakout to $35k.
Bitcoin is still undecided on whether to invite bears or bulls if the current charts are anything to go by. However, traders seem to be comfortable with the situation because volatile crypto is good for business – and more so if it happens to be a strong coin like BTC.
According to a tweet by one famous trader, Michael Van De Pope, Bitcoin’s current market movements seem to mirror previous records.
This is especially regarding the CME. Bitcoin’s CME gap appears to be closing, giving hints of a possible breakout to the upside. Interestingly, the current market charts show that BTC’s price is decreasing.
According to Michael, if BTC manages to close the gap at $29.3K and then goes on to break above $29.7K-$29.9K, it could gain better momentum to spring for the high at $32.8K possibly cruise to $35k. Either way, the result of the current market standings will depend on how much momentum Bitcoin gains.
Poppe provides his BTC analysis by saying:
“This one is still the same. Long-range around $29.3K (and possibly CME gap). If it breaks and flips $29.7-29.9K, I’m assuming we’ll be targeting the upside, and then, finally, more upside can be expected for Bitcoinin the form of $32.8K and possibly $35K.”
This one is still the same. Long-range around $29.3K (and possibly CME gap).
If it breaks and flips $29.7-29.9K, I’m assuming we’ll be targeting the upside, and then, finally, more upside can be expected for #Bitcoin in the form of $32.8K and/or possibly $35K. pic.twitter.com/rLIiHSEX6E
— Michaël van de Poppe (@CryptoMichNL) June 7, 2022
The Bitcoin CME Gap
Crypto (or Bitcoin’s) CME (Chicago Mercantile Exchange) gap is a metric used to represent the difference between the closing and opening figures in the market. The gap occurs when the opening price is above or below the previous closing point.
In the case of Bitcoin, the crypto’s price is going down, seeming to close the CME gap since the last closing point was on the downside. Bitcoin started the week on the upside.
A tweet by another market analyst named IncomeSharks shares data showing that Bitcoin is closing the CME gap.
You know the markets are so tied to #Stocks when you start doing TA on the futures. But I’m still really leaning towards a push Tuesday. We got one CME gap filled, seems like selling has slowed. A push here should send everything up pic.twitter.com/XVL06w1lwu
— IncomeSharks (@IncomeSharks) June 7, 2022
According to InfoSharks, Bitcoin’s plan, Tuesdays are primarily green. The day starts by filling the CME gap and making it promising for traders. The analyst sees the coin moving to reach the $34,000 target soon.
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