Overview
Chart #1 - Crypto Total Market Cap (TOTAL) 1-Day
Chart #2 - Solana (SOLUSD) Daily
Chart #3 - Akash Network (AKTUSDT) 12-Hour
Chart #4 - Polkadot (DOTUSDT) Daily
Capitalizing on BTC Weakness: Seize Opportunity with Put Spread Strategy
Chart #1 - Crypto Total Market Cap (TOTAL) 1-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past week, the TOTAL retraced from around $2.6T down to $2.35T, before reversing back up yesterday. However, it got rejected at the $2.5T level and started to retrace once again.
Traders need to be aware that if the daily support line at around $2.35T is broken, I do see further downside potential, possibly testing the next areas of support at $2.10T - $2.20T, or even the $1.80T - $1.90T range.
A retracement in the market will be very bearish for alts, so we need to manage our risk closely.
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Chart #2 - Solana (SOLUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
SOL printed a lower high and continues on its way down towards the next support at $163.00, which also marks the bottom of the range it has formed since March.
From there, we need to observe how it reacts so we can plan our next move.
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Chart #3 - Akash Network (AKTUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
AKT is still on a strong downtrend and has reached a local support level at $3.85.
If it loses this level, the next support is at $3.386. However, if it consolidates at the current level and builds structure, we may have a point of reversal.
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Chart #4 - Polkadot (DOTUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
DOT is trading at support, which provides an opportunity to enter into a long spot trade.Β
Entry: Ladder into a long spot trade between $8.00 - $8.50.
Take Profit (TP):
TP1: $9.50 - $10.00 (19% - 25%)
TP2: $11.25 - $12.00 (41% - 50%)
Stop Loss: A tight stop loss at $7.80
Please take note that the market is very volatile at the moment, and certain altcoins have been bleeding over the last few days, please manage your risk tightly if we start loosing levels of support.
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Capitalizing on BTC Weakness: Seize Opportunity with Put Spread Strategy - With Deribitβs Anand
As mentioned in yesterdayβs insights, BTC exhibited notable retracements to levels around $69,315, slightly missing our target price of $70,000, which was the sold strike in the suggested strategy. There were indications of weakness in BTC around the resistance area. Moreover, the weakness in BTC ETF inflows failed to inspire confidence among traders, which also fuelled the weakness in the market. hereβs a trading approach for your short-term outlook eyeing retracements in BTC prices.
Echoing our previous insights, the next significant demand zone lies within the range of $61,800 to $60,000. Traders can utilize a put butterfly spread strategy in BTC for short-term bearish views.
Trade Structure
(OTM Put) Buy 1x BTC-7APR24-$63,000-P @ $210
(OTM Put) Sell 2x BTC-7APR24-$61,000-P @ $100
(OTM Put) Buy 1x BTC-7APR24-$59,000-P @ $60
Payouts
Maximum Profit: $1,930/BTC
Debit of Strategy: $70/BTC
If the Bitcoin price is at $61,000 when the options expire on April 7th, traders will achieve maximum profit from this strategy.
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Banterβs Take
Bitcoin didn't manage to stay above $68,700 and returned back to the $66,500 region, technically printing yet another lower high. On a larger timeframe, Bitcoin is still under compression with the possibility of breaking below $64,500.
Stay safe my friends!
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