Whether Bitcoin CME Futures closes over or under the D 55 SMA today (brown line) may prove significant for the coming week or two.
If price closes under the D 55 SMA, it means that price could move down and find new support at the 100 EMA (dotted green line). Price could then find a lower target of around $8200 within a week or two. Bitcoin CME Futures would thus close the gap between $8985 to $8515, and history proves that gaps tend to be closed. If it does, which of course isn't guaranteed, then it would yield up to 15% profit based on the current price.
However, if price closes above D 55 SMA today, so that it acts support, then price could initially move up to the D 21 EMA (dotted blue line), with a first target of around $10300. The next logical point of resistance is the the last top, with a target of around $10850, yielding up to 14% profit from the current price.
If price closes under the D 55 SMA, it means that price could move down and find new support at the 100 EMA (dotted green line). Price could then find a lower target of around $8200 within a week or two. Bitcoin CME Futures would thus close the gap between $8985 to $8515, and history proves that gaps tend to be closed. If it does, which of course isn't guaranteed, then it would yield up to 15% profit based on the current price.
However, if price closes above D 55 SMA today, so that it acts support, then price could initially move up to the D 21 EMA (dotted blue line), with a first target of around $10300. The next logical point of resistance is the the last top, with a target of around $10850, yielding up to 14% profit from the current price.
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What a tease! Luckily I didn't short this idea. Looks like the move has lost a bit of its momentum, but I'm not ruling out that the move could continue a little further up, pushing towards $10,850. But there's an area of heavy resistance looming above, and together with diminishin momentum, it could be the foreshadowing of a dead-cat-bounce.