BTC descending triangle with options expirying at 48k
Updated
Hello everyone, this is my first time posting an idea on BTCUSDT , I'm in no ways an expert, just a day trader looking to learn.
With that out of the way, I notice BTC has made several failed attempts to breach the 48k resistance and trade volumes are decreasing.
We had a small breakout attempt from that resistance, which lasted no more than a few minutes, leaving only wicks above 48.4k.
There is local support at 46k , followed by strong support 42-43k.
With options expirying at new years eve and the maximum pain price being 48k , I expect the following hours leading to 00:00 to range around 48k , after that everyone is expecting high volatility , and the path with least resistance is to the downside.
That, combined with the fact that we are in a strong resistance area , the formation of a descending triangle makes me believe we might not have the happiest of new's years.
Again, this is my first idea and Im just throwing it out there to see what people think, in order to improve my skills.
Personally I would love to see 42k to add more BTC to my portfolio.
Again, first idea, day trader. Please do not take this as advice.
I just want to hear some feedback.
With that out of the way, I notice BTC has made several failed attempts to breach the 48k resistance and trade volumes are decreasing.
We had a small breakout attempt from that resistance, which lasted no more than a few minutes, leaving only wicks above 48.4k.
There is local support at 46k , followed by strong support 42-43k.
With options expirying at new years eve and the maximum pain price being 48k , I expect the following hours leading to 00:00 to range around 48k , after that everyone is expecting high volatility , and the path with least resistance is to the downside.
That, combined with the fact that we are in a strong resistance area , the formation of a descending triangle makes me believe we might not have the happiest of new's years.
Again, this is my first idea and Im just throwing it out there to see what people think, in order to improve my skills.
Personally I would love to see 42k to add more BTC to my portfolio.
Again, first idea, day trader. Please do not take this as advice.
I just want to hear some feedback.
Trade closed: target reached
Exactly what happened. I thought I would hold 48k for a little longer, but we are now at 46k as expected. I find that BTC always move quicker than anticipated-
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