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Overview
Chart #1 - Fantom (FTMUSDT) 12-Hour
Chart #2 - Maker (MKRUSDT) 4-Hour
Chart #3 - Bittensor (TAOUSDT) 12-Hour
Chart #4 - Ethereum (ETHUSDT) Daily
Solana (SOL) Trade With Deribit’s Anand
Chart #1 - Fantom (FTMUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
While FTM is at support we can enter a long spot trade.
Entry: At the current $0.62 level of support
Take Profit (TP):
TP1: $0.7325 - $0.8450 (18% - 36%)
TP2: $0.99 - $1.05 (60% - 69%)
Stop Loss: Just below $0.60
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Chart #2 - Maker (MKRUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
With the current weakness in the markets we look for tokens expressing relative strength to BTC.
MKR has taken the liquidity at $2,365 and currently showing signs of a possible reversal. So we trade.
Entry: $3,150
Take Profit (TP):
TP1: $3,650 15%
TP2: $4,000 28%
Stop Loss: $2,850
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Chart #3 - Bittensor (TAOUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
TAO had an amazing run of 1,200% for five months. After a sweep of the highs, it has now retraced.
We have two key areas to look at loading up on TAO for the next cycle. Losing Entry 1, we can expect a retest of $280. We’ll DCA and keep an allocation for lower levels.Â
Entry 1: $320
Entry 2: $215
Stop Loss: Daily close below $200
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Chart #4 - Ethereum (ETHUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Here’s an ETH trade to take based on the daily chart, which is at support.
Entry: Ladder in between $2,850 - $3,050
Take Profit (TP):
TP1: $3,400 - $3,700 (19% - 30%)
TP2: $4,100 - $4,350 (44% - 53%)
Stop Loss: Just below $2780
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Solana (SOL) Trade With Deribit’s Anand
Upon analyzing the charts of SOL, a compelling demand zone emerges around $110. This zone has previously acted as a catalyst for a notable swing high, pushing the price up to $210. Consequently, traders may anticipate this zone to serve as a potential buffer against further declines in SOL's price. This scenario offers traders an enticing opportunity to capitalize on the market movement through the implementation of a Put ratio strategy.
To execute this strategy, traders can purchase (OTM) Put options, eg., $115, while simultaneously selling OTM Put options at double the quantity of a lower strike price, eg., $110.
Note: The contract multiplier for Solana options is 10.
Trade structure:
(OTM Put) Buy 1 x SOL_USDC-19APR24-115-P @ $1
(OTM Put) Sell 2 x SOL_USDC-19APR24-110-P @ $0.5
Maximum Profit:Â
$50 per(/) Contract
Note:- Solana Contract Multiplier is 10
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Banter’s Take
The BTC halving is set to take place this coming weekend, and the price is still slowly declining at the $60,000 level. We have seen a sweep of the lows; reclaiming $66,000 from here would signal a possible reversal. We would need to see consolidation above this range for confirmation. If it rejects $64,000, we will most likely retest $58,000 and then $52,000.
Stay safe my friends!
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