There is a major turning point in the BTC futures chart on the Chicago Mercantile Exchange (CME).
The trend reversal indicator, based on Thomas DeMark's candlestick analysis technique, shows a "Cheap" signal. There is a high probability of establishing a layover today or tomorrow. But while the reversal is in doubt, there is a signal of a possible cancellation and a “second bottom as a gift.”
The price of CME today is trying to return above the EMA of the 50 day TF. On the CME futures chart, unlike the spot chart, the price of#BTCsince the end of May has only gone below this EMA in recent days. And it is important for buyers to gain a foothold above it. Then the reversal cancellation signal will be invalidated and the reversal will be confirmed.
At the bottom of the chart there is a gap of $60,830-$61,045. There is a risk for bulls to go there if the downward trend continues. But the closing of gaps determines the trend, and not their presence. If the trend reverses (as the indicator predicts and the EMA gives hope), this will be another unclosed gap in the BTC list.
There are currently 12 unclosed gaps on the BTC futures chart on the CME. Moreover, 9 of them are in the current cycle. And 3 were “inherited” from the past, at levels below $12,000. They can probably be closed, perhaps only in the scenario of the asset price being reset to zero.
