The analyst puts the second 4H FVG just above $111,000, which coincides with the previous high turned resistance. He believes that this is what makes the level a “magnet,” especially as investors begin to take profit. Strong selling pressure could provide the added momentum needed for the price to fall toward the $111,000 level.
Another major problem right now is that the Bitcoin price has formed a CME gap over the weekend, and with the retracement in price, the CME gap is looking filled at around the $114,000-$116,000 level. There has already been an attempt earlier in the week. But the $114,000 was not touched. If this CME gap is filled, then it makes it even more likely that the second FVG will be filled at $111,000.
