BTC facing resistance at 46.5k expecting to hit lower levels
Updated
Hello everyone again, I'f fairly new at, just looking for feedback.
As seen in my previous idea, BTC was forming a descending triangle after an attempt to break the 48k resistance.
This with the options expiry at 00:00 I expected a breakout to the downside with very high volatility, which ended up happening and the pair quickly dropped to 46k.
Now the 46k level acted as support, after a failed breakout to 45.5k that lasted a few minutes.
Now the pair is hovering between the 45.5k and 46.5k levels, forming an ascending triangle this time, which can bring it up to 47k where there is more local resistance.
However, trading volumes are descending, and after 00:00 (Expiry) I expect the pair to descend further.
Personally I'm waiting to enter a long position at the 42k level where strong daily support can be found.
Again, Im just looking for some feedback.
Do your own research.
Cheers!
As seen in my previous idea, BTC was forming a descending triangle after an attempt to break the 48k resistance.
This with the options expiry at 00:00 I expected a breakout to the downside with very high volatility, which ended up happening and the pair quickly dropped to 46k.
Now the 46k level acted as support, after a failed breakout to 45.5k that lasted a few minutes.
Now the pair is hovering between the 45.5k and 46.5k levels, forming an ascending triangle this time, which can bring it up to 47k where there is more local resistance.
However, trading volumes are descending, and after 00:00 (Expiry) I expect the pair to descend further.
Personally I'm waiting to enter a long position at the 42k level where strong daily support can be found.
Again, Im just looking for some feedback.
Do your own research.
Cheers!
Note
Price broke from the ascending triangle as predicted and is now slowing down at the local 47k resistance. If the pair fails to break this level, I expect it to go back to 46k an re-attempt to break the 45k support. Let’s see how it plays out.
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