The long due correction in the crypto markets began soon than most traders expected. Yesterday, Bitcoin [BTC] pullbacks to test low at $9602 driving altcoins with it as well. Nonetheless, it bounced back to test $10,000 in the following hours, suggesting a strong buying pressure.
The weekly closed on a red (spot markets) at $9912 with a spinning top formation indicating indecision or a consolidation after strong bullish action in the crypto markets.
According to leading chart analyst, Sawcruhteez, as price continues to hold $9700-$9800 and stays above prior resistance at $9500, the bullish arguments remains intact.
The 200 and 50-Day Moving Average are nearing a golden cross as the price continues to trade above the 200-Day MA. The realization of the cross would further strengthen bullish sentiments.
XBT/USD 1-Day Chart on BitMEX (TradingView)
CME GAP and Holidays
Moreover, the huge bullish gap on CME forms for a strong inclinations towards a buyback. The difference between the opening on Friday, last week, and Monday is $325.
Leading derivatives and crypto trader, Hsaka notifies CT on the timings of the President’s Day Holiday in the US.
CME $BTC timings for the holiday.
CME Holiday Timings (Source)
Hence, the exchange will halt operations 4 hours earlier today and open next on Tuesday at 23: 00 hours UTC. Hence, another 29 hours of inactivity has the potential to further log another Gap.
While CME gaps have had a strong tendency to be filled in the same week,