Last week there was a massive sale in all markets, in which the price of Bitcoin (BTC) lost more than 10% of its value. Other crypto currencies have shown even more weakness, and the price of Ether (ETH) fell by 30%.
In addition, the commodity and stock markets have also fallen, and Nasdaq has also had a significant week in the red. The next step for the markets at this time would be to find a background structure. Let’s look at the charts.
According to Coinmarketcap, the current market capitalization of Bitcoin is USD 190,205,384,873.
Be sure to read: Bitcoin Forecast: What will be the price of bitcoin in 2020 according to the experts?
Bitcoin Seeks CME Gap While Maintaining $10,000 in Psychological Support
The daily chart shows that the Bitcoin price has support in the previous resistance zone of $10,000. This resistance zone was established during the side action after the halving of the Bitcoin rally in May.
It is clear that the previous support of range to 11,100 dollars was lost, and then gave the impression that the price of Bitcoin was ready to participate in the World Diving Championship. However, it was not unreasonable to expect a drop like the one shown in the graph.
There is no clear support zone between $10,000 and $11,100, so it would not be strange for this zone to break into the previous resistance area of $10,000.
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The unmet gap in CME’s future Bitcoin is calling
BTC/USD CME 4-hour chart
The WEC chart still shows an open gap between $9,600 and $9,900. These gaps are often filled, and the argument that the minimum can be found at $9,600 is entirely plausible.
However, as the graph shows, if the price of Bitcoin Revolution shows weakness over the weekend, a new potential WEC gap can be formed.
The Bitcoin price closed at USD 10,625 on Friday afternoon with the WEC futures. So if the price opens on Sunday night below USD 10,625, it’s likely that a new CME gap will form. In other words, this potential gap could drive a relief rally upwards.