RATE Group | Bitcoin Looks to Close CME Gap in $8,000s As Bearish Confluence Builds
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Bitcoin Looks to Close CME Gap in $8,000s As Bearish Confluence Builds

03 Nov Bitcoin Looks to Close CME Gap in $8,000s As Bearish Confluence Builds

Posted at 01:09h in Bitcoin News by

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Once again, true to the nature of this purgatory phase in the crypto markets, Bitcoin (BTC) has been relatively flat over the past 24 hours. According to Coin Market Cap, the leading cryptocurrency is up a mere 1% in the past 24 hours — effectively nothing when you factor in this market’s often immense volatility.

Related Reading: Bitcoin Looks Like a “Launchpad” as Analysts Anticipate Volatile November

While Bitcoin’s recent consolidation outlined above hasn’t been bearish per se, the lack of price action has purportedly allowed a number of bearish technical trends to form, implying that BTC may see a short-term pullback to potentially fill the CME futures gap in the $8,000s.

Bitcoin Stochastic Flashes Bearish

According to CryptoHamster, Bitcoin’s Stochastic indicator, which is an oscillating “momentum indicator comparing a particular closing price of a security to a range of its prices over a certain period of time (Investopedia),” is showing that BTC is leaning…

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