Bitcoin - The Crucial Reclaim
All about the ReAccumulation Range Low
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CME Gap Successfully Filled
Last week, we focused quite a bit on the CME Gap that had formed in Bitcoin's price action and our directional bias on it likely being filled over time:
This CME Gap filled late last week:
In fact, Bitcoin even formed a new small CME Gap (orange) within that larger blue CME Gap, which also subsequently got filled as well.
All CME Gaps have been filled and interestingly enough, these CME Gaps are confluent with the crucial area that needs to be reclaimed...
The Range Low of the ReAccumulation Range at $60,600:
The ReAccumulation Range
Bitcoin hasn't yet convincingly given the signal whether $60600 is a new resistance or a new support.
Technically, because of how BTC Weekly Closed below $60600, then this level could be preparing to become a new resistance; however, BTC is also showing early this week that price isn't ready for that quite yet, pressing into $60600 and still fighting for a reclaim.
So while Bitcoin has Weekly Closed below $60600 and is still negotiating its role (whether it is a support or a resistance), perhaps the most important technical steps have already been taken.
Last week, we spoke about how BTC needed to Weekly Close above $55737 (black):
And we also entertained a possible Higher Low scenario as well:
And we arguably got both:
The Weekly Close above black is arguably more important than the Higher Low; the Higher Low is still early-stage and could still technically fail, but it's promising to see that one is potentially developing here.
It's these two technical feats that should prove helpful in BTC's quest to reclaim $60600 as support and fully reclaim the ReAccumulation Range.