A significant gap in the Chicago Mercantile Exchange (NASDAQ:CME) Bitcoin futures contract near $75,000, suggests a potential downside move for Bitcoin (CRYPTO: BTC) in the short-term, according to Joe McCann, founder of Asymmetric.
What Happened: McCann’s analysis from Tuesday paints a bearish picture, shifting away from previous bullish sentiments, as he notes a confluence of technical and macroeconomic indicators pointing toward a near-term price correction.
McCann highlighted several factors supporting his short-term bearish outlook, including technical patterns, market liquidity and broader economic conditions.
“The month of December printed a shooting star candle,” McCann noted, a technical signal that historically indicates bearish sentiment.
“There is a massive gap to be filled in the CME Bitcoin futures product…down …
Full story available on Benzinga.com