An initial channel can be extrapolated from the initial sell-off in BTC to give an approximate time window in which I expect the rising wedge support to be challenged (7 Sept 22:00 - 8 Sept 18:30). As such, option traders who are short BTC call options to profit from time decay (theta) can use this as a initial guide to choose the appropriate option strike and expiry.
Trade closed: target reached
trend support was breached before the latest appropriate options expiry time
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.