BTC facing resistance at 47k
Updated
Hello everyone, New Year’s update.
Following my two previous ideas, BTC attempted to break the 48k resistance but formed a descending triangle. With options expiring at midnight, the maximum pain price being 48k and the formation of a descending triangle, I expected the price to drop to the 46k resistance, which ended up playing out.
On my second idea, I noticed an attempt to break the 46k support, with a momentariy breakout. However support held and formed an ascending triangle, which suggested a rise to 47k, which played out.
Now the pair is facing resistance at the 47k level, and its forming a new descending triangle, suggesting a continuation of the downtrend from 48k to the 44k-42k strong daily support.
Personally I think this would be a good scenario, and a great oportunity to grab some fresh BTC at lower prices.
I doubt we can achieve new ATH with this uncertainty and low trading volumes.
Im just a day trader sharing my ideas, don’t take them as financial advice.
I just want to get some feedback and learn.
Cheers!
Following my two previous ideas, BTC attempted to break the 48k resistance but formed a descending triangle. With options expiring at midnight, the maximum pain price being 48k and the formation of a descending triangle, I expected the price to drop to the 46k resistance, which ended up playing out.
On my second idea, I noticed an attempt to break the 46k support, with a momentariy breakout. However support held and formed an ascending triangle, which suggested a rise to 47k, which played out.
Now the pair is facing resistance at the 47k level, and its forming a new descending triangle, suggesting a continuation of the downtrend from 48k to the 44k-42k strong daily support.
Personally I think this would be a good scenario, and a great oportunity to grab some fresh BTC at lower prices.
I doubt we can achieve new ATH with this uncertainty and low trading volumes.
Im just a day trader sharing my ideas, don’t take them as financial advice.
I just want to get some feedback and learn.
Cheers!
Trade active
Had a false breakout of the descending triangle to the downside and then price rose to 47.5k (Invalidating my analysis) and stopped hard at the 99ma which acted as a strong resistance. Volatility is high, options expired a couple of hours ago, so its very hard to analyze the situation.
I still think we’re headed to 42k, and then up. Its hard to imagine going straight up from here, there is too much turbulence.
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