Bitcoin futures mark fresh price targets
For Michaël van de Poppe, these hurdles come in the form of Bitcoin futures gaps.
On Friday, CME futures closed the week at around $33,285, a full $2,700 below Sunday’s local high.
As a result, the temptation was there for spot price action to fall in order to “fill” the resulting gap between the end of one week’s trading and the start of the next.
This is exactly what happened — BTC/USD bounced at around $33,300, hovering at $33,600 at the time of writing.
“I’m expecting a corrective move to $33,400 with the CME Gap getting filled, and then we can start continuing,” Van de Poppe said prior to the event taking place.
He added that the CME gap higher up at $46,500 is also apt to act as a bullish target should upside enter the picture.
“If we get a rally, I’ll not be surprised that we get a rally towards this CME gap in general,” he commented.
Altcoins stave off capitulation
The past seven days have been broadly kinder to altcoins, meanwhile, with many tokens up versus the same time last week while Bitcoin remains lower.
Ether (ETH), the largest altcoin by market cap, was in the red on Monday but still up 11% over the course of the week trading at $2,213.
Only two of the top fifty cryptocurrencies by market cap saw positive price movements on the day, however, as Bitcoin’s sudden reversal took its toll.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.