There's a reason the Bitcoin CME gaps aren't filling...
Another week and another Bitcoin CME gap that's not going to fill...
The Bitcoin CME charts saw their largest gap ever over the holiday weekend.
After closing around $23.6k prior to the holidays, the bitcoin CME product opened $3k higher, up around $26.3k:
(Source: https://www.tradingview.com/x/oDXlcbH4/)
That $3k gap represents the largest gap ever on the bitcoin CME charts.
There are also two other recent gaps that are yet to fill around $17k and $18k over the last several weeks.
History suggest those gaps should fill, but I suspect at least two of those never do.
Will the gaps fill?
Historically bitcoin has had a very high tendency to fill these CME gaps.
If you look back at all the gaps on the CME chart, something like 90% of the have been filled to date.
So, just based on that data one might suggest that these gaps are going to fill for sure, right?
Not necessarily...
The bitcoin CME product has never existed during a bitcoin bull market.
That's right, it launched back at the peak of the rally in late 2017 and has never experienced the massive move up during the meat of a bitcoin post halving bull market.
Which means, the current environment is something that the CME product has never been a part of.
Which also means, those gap fill numbers are probably mostly meaningless.
In a runaway bull market, gaps are to be expected and they often don't get filled for years, if ever.
I suspect these recent gaps are more along those lines as opposed to the ones from 2018-2019.
That being said I would not be surprised if 2 of these 3 gaps never fill, ever, as I don't think bitcoin ever trades below $20k again.
Though this gap at $23k is still fair game to be filled at some point, possibly soon.
However, if institutions (a la MicroStrategy) keep buying above the gaps, they won't let this one fill either.
Stay informed my friends.
-Doc
Posted Using LeoFinance Beta
I think a possible scenario for BITCOIN is to hit 30,000 and then drop to $ 22,000. I am not currently moving, I do not buy BTC or ALTCOIN right now
Yea the most recent gap could fill, I agree. However, the previous two under $20k I don't think ever fill.
Thanks for reply... interesting opinion
Everyone has been saying those gaps are not going to get filled anytime soon, including me...
Who is this "everyone" you speak of?
It's just a grammatical thing.... It just means more than few people we should care about have said that... "Everyone" doesn't always mean all the people on the internet or all the people in the whole world... It can also mean all the people in undetermined group, like "all family" in some Asian languages...
For so many gaps and breaches create sinks and landslides that turn out to be extremely disastrous.
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