The gap that formed overnight on the BTC futures chart on CME was promptly closed. Its range was $88,795-90,280 and was almost immediately covered overnight, as part of the ongoing price rebound. Which we predicted several times throughout the night - based on signals from P73 CryptoMarket Monitor and closing our short on #BTC.
What worries me when looking at the futures chart for #BTC on the Chicago Mercantile Exchange - here the "Bearish Wedge" looks even more pronounced and clearer. And the figure is not just formed - there was an attempt to launch its processing at night. It is "halted" due to the gap closure.
If the price goes down from the figure again, then its full target is relevant - $77,790.
On the spot chart, the situation looks a bit different. Firstly, the "Bearish Wedge" there is less pronounced. We highlighted it with thicker lines, so it doesn't get confused with other figures and trend lines.
Secondly, the exit from the figure downwards was there too, but now the price is fully inside the figure, not crawling along the trend line. If the lower trend line of this figure is indeed broken today, the full target will be around $77,060.
While the chart is developing the very bounce we were waiting for and which our algorithm predicted. Confirming that our short position was closed at night for a reason. Meanwhile, the price has transitioned into a stable uptrend on the hourly timeframe, with yet to be reached basic targets of $90,418 and $90,881.
But we would not rush to conclusions about a reversal to growth. It's not about the "Bearish Wedge", but rather that the price of #BTC has fallen into stable downtrends on the 4-, 5-, 6-, and 7-hour timeframes. This is a direct threat to the bulls that Monday's growth is so far only a bounce. We do not consider anything else until the price returns to a stable uptrend on the 3-hour timeframe. By the way, currently on the hourly timeframe, where buyers have restored the uptrend, there are also marks of a potential high.
Long (where ETH is prioritized) until stable uptrends on the 3-hour timeframe - is not considered. But also regarding shorts (where BTC is prioritized) - we are not in a hurry. We will consider a short on BTC if the price returns to a stable downtrend on the hourly timeframe, if there is a market correction signal from P73 CryptoMarket Monitor, or if specifically for BTC there are Strong signals of a potential high on timeframes of 30 minutes or longer.
