A gap in Bitcoin futures trading suggests Bitcoin will try to fill remaining space around $8,600 before continuing higher, says one market analyst.
Bitcoin (BTC) was trending higher on Nov. 4 as sideways behavior gave way to more purposeful upward momentum across markets.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin seeks to break out of trading range
Data from Coin360 reveals BTC/USD tackling $9,300 on Monday, rising to a 24-hour high of $9,310 on exchanges after dipping as low as $9,080.
The latest action continues the weekly trend for Bitcoin, which has seen the largest cryptocurrency range between just under $9,000 and just over $9,500. Those levels effectively formed support and resistance, respectively.
Bitcoin seven-day price chart. Source: Coin360
Now, analysts are turning their attention to the required conditions for a more purposeful breakout — either up or down.
Willy Woo: CME gap likely to be filled
According to statistician Willy Woo, the coming few months for Bitcoin will first see a dip to $8,600, filling in a gap in futures markets.
Thereafter, bullish action should begin to surface. Bitcoin needs a monthly close above $14,000 in order to then secure a longer-term bull market.
“Once we get a monthly close above $14k, we’ll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that’s the best time to deploy capital,” he summarized in a series of tweets on Monday.
As Cointelegraph reported, Woo is not alone in forecasting a short-term slide for BTC/USD. Last week, regular contributor filbfilb also eyed the potential for the pair to revisit the $8,000 bracket.
In an update on his dedicated Telegram trading channel on Sunday, he continued the narrative:
“Suspect there are a lot of over leveraged people in the 9300s with stops below 9k. Whales probably tempted to dump it and get a lower entry.”
Altcoin markets see green
Altcoins meanwhile took the chance to deliver moderate gains in line with Bitcoin’s slight uptick.
Out of the top twenty cryptocurrencies by market cap, many rose by up to 4% on the day, with only Bitcoin SV (BSV) seeing losses of 1.6%.
Ether (ETH), the largest altcoin, saw gains of 1.7% to trade $184. Both NEO (NEO) and Litecoin (LTC) performed strongly, with 4.5% advances.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was $247 billion at press time, with Bitcoin’s share at 67.3%.
