BTC failed to breach 48k once again
Hello everyone, as mentioned in other ideas, I’m just a day trader looking to learn. Im in no ways an expert so please don’t take my ideas as financial advise. Always do your own research.
As I suggested in my first post, BTC attempted to breach 48k just before new year, formed a descending triangle and with options expiryng at 00:00 (With the max pain price at 48k) I expected a sharp down turn to the 46k support, which ended up playing out.
Then in my second idea, I noticed the 46k support was holding and I expected it to rise facing some resistance at 47k. I noticed it formed another descending triangle, and thought the pair would re-test de 46k but it broke to the upside and re-tested the 48k resistance.
Now after re-testing the 48k resistance, BTC is down to 47k and forming a new descending triangle, with the MACD in a bearish position and the RSI turning down. I expect the price to re-test the 46k resistance and, if the 46-45k resistance is broken I expect a sharp drop to at least 42k (A great place to enter a LONG position).
Personally Im waiting for the pair to reach lower prices (42k or lower) to enter a LONG position.
Again, this is just my view. I would love some feedback.
Cheers!
As I suggested in my first post, BTC attempted to breach 48k just before new year, formed a descending triangle and with options expiryng at 00:00 (With the max pain price at 48k) I expected a sharp down turn to the 46k support, which ended up playing out.
Then in my second idea, I noticed the 46k support was holding and I expected it to rise facing some resistance at 47k. I noticed it formed another descending triangle, and thought the pair would re-test de 46k but it broke to the upside and re-tested the 48k resistance.
Now after re-testing the 48k resistance, BTC is down to 47k and forming a new descending triangle, with the MACD in a bearish position and the RSI turning down. I expect the price to re-test the 46k resistance and, if the 46-45k resistance is broken I expect a sharp drop to at least 42k (A great place to enter a LONG position).
Personally Im waiting for the pair to reach lower prices (42k or lower) to enter a LONG position.
Again, this is just my view. I would love some feedback.
Cheers!
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