Enter our draw to Win An ETH in just 30 seconds! Simply:
Subscribe to Crypto Banter’s Good Morning Crypto Newsletter
Invite one friend to subscribe
That’s it! 👇
And here is today’s secret code for extra entries: RIH9AGHJ
Overview
Chart #1 - Solana (SOLUSDT) 12-Hour
Chart #2 - Pyth Network (PYTHUSD) Daily
Chart #3 - Kaspa Network (KASUSDT) Daily
Chart #4 - THORChain (RUNEUSDT) 12-Hour
Investors Shy from Buying Dip: Explore Put Butterfly Strategy: With Deribit’s Anand
Chart #1 - Solana (SOLUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
SOL is trading at the upper range level of support. A break through that level will be our cue to take a long spot position.
Entry: At the break of the $140 level, with an open and close of a 4HR candle above that level.
Take Profit (TP):
TP1: $165 - $180 (18% - 29%)
TP2: $200 - $220 (43% - 57%)
Stop Loss: Just below $128
The market is currently very volatile. Traders need to manage their risk very tightly over the next couple of weeks.
Sign-up and trade on Bybit today.
Exclusive $30,000 deposit rewards and bonuses up for grabs!
Chart #2 - Pyth Network (PYTHUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
PYTH had an amazing rally and has now retraced into a key higher timeframe support area.
It’s important to note we are currently in a down trend. This is a good area to DCA into a position. Rather look for a shift in market structure before longing any higher lows. Expect a reaction either at this level or at $0.4
Entry 1: 30% here
Entry 2: 30% at $0.40 and/or confirmation of a higher low reclaiming a level.
Claim your Bitget sign-up bonuses here (details below).
Outsmart 99% Of The Market!
Get full access into our Discord And Telegram group, where you'll find all of our premium content!
👉 Trade Signals!
👉 Trade Set-Ups!
👉 Trading Challenges!
👉 Education!
👉 SO MUCH MORE!
Chart #3 - Kaspa Network (KASUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
KAS spot long term trade.
I am looking for a long term entry on KAS.
Any further downside on BTC could provide a great buying opportunity to DCA.Â
Entry 1: $0.078
Entry 2: $0.095 off of a deviation back into the premium range (as seen in chart).
Claim your Bitget sign-up bonuses here (details below).
Chart #4 - THORChain (RUNEUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
RUNE has been trading near support for the last four days and it is holding. With some of the indicators reset, we can now enter a long spot trade.
Entry: At the current $5.00 level of support.
Take Profit (TP):
TP1: $6.40 - $7.25 (28% - 45%)
TP2: $7.90 - $8.40 (58% - 68%)
Stop Loss: Just below $4.80
Claim your Bitget sign-up bonuses here (details below).
Investors Shy from Buying Dip: Explore Put Butterfly Strategy: Anand's 17th April Trade
BTC showing signs of weakness, as the response from 4H demand zone has been lackluster, alongwith dwindling flows into BTC ETFs. This lack of interest from investors persists even as BTC prices dip, indicating that investors are hesitant to buy into the market downturn. Traders interested in capitalizing on this perspective might consider employing a put butterfly strategy.
Trade Structure
(OTM Put) Buy 1x BTC-26APR24-$52,000-P @ $255
(OTM Put) Sell 2x BTC-26APR24-$50,000-P @ $170
(OTM Put) Buy 1x BTC-26APR24-$48,000-P @ $115
Payouts
Maximum Profit: $1,970/BTC
Net Debit of Strategy: $30/BTC
If Bitcoin is at $50,000 when the options expire on April 26th, traders will be at maximum profit from the strategy.
Get set up with Deribit here.
Banter’s Take
Macro markets have turned to the downside, lending sentiment that BTC could fall further. If you recall Monday's post, $55,000 and $52,000 are still on the table. BTC is currently ranging between $61,500 and $72,000. As long as we can hold the range, it might allow altcoins to gain some strength. Losing the level, as long as we hold above $52,000, we remain bullish and continue to treat any dips as higher lows to accumulate and DCA. Keep your eyes out for a deviation below the range with reclaiming support for trend continuation.
Stay safe my friends!
Go to our Crypto Banter Discord here where Sheldon and Kyle give updates on the charts and trades from The Daily Candle newsletter!