BTC has finally broken out of it's lethargic range, and has broken above the 10k liquidity pool.(check yesterday's price analysis to see what I'm talking about)
Now, the road to 13k has begun, but not without its drawbacks.
BTC looks ready to launch to Namek and back, but there's still a bearish bone in its body. The dreaded CME gap.
Chicago Mercantile Exchange (CME) trades a Bitcoin futures pair, which has an expiration date on Fridays. Usually, when the contracts expire, they leave a gap where price was supposed to be traded within. During the week, prices have historically come back to test the level and fill that gap.
Not all gaps get filled, but 90% of them do. We're between a rock and a hard place here.
On the one hand, it would be great to flash dump to 9.6k and fill the gap. That way,there won't be problems on the way to 13k.
However, we could theoretically continue to go up and never come back down to test the gap. And that may be problematic, especially when bears take over the price action again.
Currently, I'm looking at two scenarios here. Bitcoin could range a bit (thereby giving altcoins room to recover from the beating they took) and then pump straight to 13k in one daily candle. Or we could take the healthier route and move down to 9.6k, then pump to 13k naturally, this filling the gap.
Also ,BTC has to range a while before we can continue the upward move. Consolidation is a key part of trading, and I feel whales leave us hanging while they artificially increase their BTC stash using altcoins. Once that's done, they proceed to pump BTC to Namek.
What do you think? What way would BTC move, and which way is best?
