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The Chicago Mercantile Exchange (CME) Group is a global market company that is the owner of exchanges in both New York and Chicago. It launched the initial futures market for BTC in Dec 2017. Additionally, it has announced that it will begin options trading for the cryptocurrency in Q1 of 2020.

The new derivative, however. is still waiting on regulatory approval, thus does not have an exact launch date. The CME Group has stated that the options will allow for several alternative trading strategies, along with authorizing traders to use margin offsets in order to make savings on margins.

On Oct 25, the price of Bitcoin initiated a rapid price increase which created an unfilled gap in the CME futures chart. Today, the gap was filled, possibly indicating that future increases are in store for the price.

Crypto trader @satoshiiHeavy posted the chart, stating that the dump was not present on other exchanges besides CME.

What are the implications of this movement? Will BTC continue moving higher?

Let’s analyze.

CME Breakaway Gap

A breakaway gap transpires when the price of an asset breaks out above a resistance area with significant volume.

During the Oct 25/26 rapid upward movement, the CME chart created a breakaway gap from $8,700 to $9,600.

Afterward, the price created a trading range between $9,000-$9,600.

However, on Nov 5 at 03:00 ET, the price dumped all the way back to $8,400 before creating a massive lower 10% wick and moving back inside the range.

While doing so, it filled the previous breakaway gap. BeInCrypto previously stated that the price is likely to fill the gap before moving higher.

CME GAP

CME GAP

Looking at the daily time-frame, the current hammer looks very bullish, especially since its wick has been created inside a support area, indicating that the bulls are not allowing the price to retrace further.

Since the gap is filled, this can be read as a bullish sign and a suggestion that the price will continue moving upward reaching new highs.

If it does so, the closest resistance areas are found at $11,000 and $12,000.

CME gap

CME gap

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.


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