Crypto analyst Credible Crypto, who is famous for his accurate Bitcoin predictions, has issued a warning that we may see a decline in the short term this time.
CME gaps suggest short-term bearish for Bitcoin
BTC price slumped as low as $26,340 after touching $28,200 during the week. Price is returning to a key focus point today as May’s monthly candle creates disappointment.
However, according to Credible Crypto, the positive momentum of the day will soon be resolved with the decline. According to the crypto analyst, Bitcoin is currently below a critical resistance level after a rally that was the result of a short squeeze over the past weekend. Credible says that Bitcoin could only turn bullish if it retraces $29,200.
This target above $29,200 represents the Chicago Mercantile Exchange (CME) deficit. Credible expects BTC to rise again if this level is taken back. According to their analysis:
BTC is currently trading BELOW a key resistance zone, followed by a primarily short-term squeeze-based upside move, over a long weekend of low liquidity, below nearly equal lows and total Open Interest at $9 – $9.2 billion (danger zone). he sees.
It could go a little higher to touch the supply and/or the small CME gap above, but I need to short-term bearish here until/until I firmly regain the red zone.
Credible sees bearish in the short term though expects $29,200 to change the trend
CME gaps are the differences between Bitcoin’s spot price and its futures price. This difference occurs when Bitcoin futures on the Chicago Mercantile Exchange (CME) open higher or lower than the previous day’s closing price.
This happens because the CME is closed on weekends and federal holidays and the spot market is constantly traded. That is, the futures price of Bitcoin at the time the CME is opened may differ from the price available in the spot market. This difference is called the gap.
https://twitter.com/CredibleCrypto/status/1663604436063903744
Ethereum’s next move will depend heavily on Bitcoin, according to Credible
The analyst then glanced at Ethereum’s chart. He said that the altcoin’s price targets above $2,000 will largely depend on Bitcoin. According to their analysis:
As expected, we’ve relaxed a bit on ETH, we haven’t quite reached the ideal upside target, but whether we get there will depend on BTC here because I think it’s at an inflection point. If BTC melts, I don’t expect ETH to hit the ideal upper target here before it goes down. If BTC can hold here and continue to rise, the relief in altcoins like ETH should continue.
As Kriptokoin.com, we have included what other analysts think about BTC in this article. Bitcoin is currently trading below the $27,000 zone, down less than 0.5% on the day.
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