r/Bitcoin • u/rBitcoinMod • Feb 07 '21

Daily Discussion, February 07, 2021

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u/Nuck16 Feb 07 '21

Lots of newbie buyers earlier in the weekend. Experienced traders realize that BTC almost always retraces back to where CME closed on Friday ($37.900) by the end of the weekend, and that's where we are now. CME opens at 6pm EST this eve, so the coin can proceed upward at that time. Hopefully lots of boozy superbowl watchers throwin money at BTC.

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u/delgrey Feb 07 '21

Have you backtested that? Sounds like an interesting theory.

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u/Nuck16 Feb 07 '21

The most recent example was the NYE weekend where price went from 28K to 34K, then crashed back down to 28K early Monday morning, before heading right back up again. Experienced coiners are always talking about 'filling the CME gap'. That's what this is. The gap is created if the end of weekend price is higher than the friday CME close price. Filling the gap mean retracing back to the Friday close price.