BTC CME Futures Price Gap - August 17BTC CME Futures Chart, Hourly, 1:00 PM EST, 5:00 PM UTC
There's a bit of a unique setup on the lower-mid term timeframes for BTC. Yesterday's sell-off occurred between 5-6 PM EST, which coincided with a 1 hour break in the CME futures market. Contrary to popular belief, the CME Futures exchange actually does not operate 24/5, but actually 23/5 with a 1 hour session break.
"CME Globex:
Sunday - Friday 5:00 p.m. - 4:00 p.m Central Time (CT) with a 60-minute break each day beginning at 4:00 p.m. CT"
As the sell-off in the spot market occurred during the break in the CME futures session, there is coincidentally now a price gap to fill between $27000-27540 region. This would be an attractive area for short traders to re-enter the market if we do have a relief bounce in the coming days.
One could set conditional market orders to go short if price enters this region. As a reminder, always utilize proper risk management.