BTC: Potential Descending Wedge
BTC seems to be forming a potential descending wedge (highlighted in yellow), which could signal the end to the BTC correction at approximately 39.5k between the 14-16 September, as originally targeted. By identifying the probability of the price reaching a specific level within a defined time frame, option traders can align the strike and expiry of their option contracts.
At this point it is prudent to note that the price-level or time window of the bottom are semantics compared to the subsequent rally that will follow. As such, I will target 39.5k, but consider anything below 41k to be a good entry point for long positions and start loading up on altcoins that are now trading at a discount.
At this point it is prudent to note that the price-level or time window of the bottom are semantics compared to the subsequent rally that will follow. As such, I will target 39.5k, but consider anything below 41k to be a good entry point for long positions and start loading up on altcoins that are now trading at a discount.
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