Bitcoin hit the 11,700 dollars level after overcoming the 11,300 dollars resistance, just as I expected. The gap isn’t quite closed yet, but I wouldn’t be surprised to see it being closed soon. Again, I don’t think that there’s any reason for gaps to be filled – but it happens almost every time and by now it feels like a self-fulfilling prophecy.
After the gap closes, a big dump wouldn’t be a surprise. The Fear & Greed index is currently showing a greedy market, after showing extreme greed only 2 days ago. In addition to that, there’s a bearish divergence on the 4h chart, which also indicates a potential incoming correction.
The most important support is now located at 10,800 dollars. If BTC dumps below this level, it could dump right back down to the gap at 9,600 dollars.