ππ Bitcoin in free-fall! This is its next target!
Bitget winner - 3092501612
Chart #1 - TOTAL 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Yesterday we witnessed a massive sell-off for crypto.
As a consequence, the TOTAL dropped almost 7%, from $960B down to $890B. It has found support for now, and as long as the $880B - $900B area holds, there is a chance it retests the previous support at $930B, which will now act as resistance. However, that would only be a temporary relief, as I expect further downside in the next few weeks.Β
If the TOTAL breaks the current area of support, the next critical level is at $840B, and below that at the previous daily resistance line, around $800B.
Check our Crypto Banter Discord here for updates!
Follow me on Twitter for urgent updates on my trading progress!
π£πΏπΆπΊπ² π«ππ§
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Chart #2 - Render (RNDRUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Here's an update on RNDR from the previous Daily Candle newsletter.
Target 1 has been hit. Now the price is approaching its mid-range at $0.80. That's where we will be on the lookout for a reaction. If that level holds, we should expect a bounce. If not, it's possible the price runs down to the range low.
And that is sitting at $0.40.
Check our Crypto Banter Discord here for updates!
Make sure to follow me on Twitter, where I will post updates on my trades as they unfold!
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In The Daily Candle, each Friday, we have been providing educational content on options trading to help traders understand this complex financial instrument.Β
In the Jan 20th issue, we introduced the basics of options trading..Β
The Jan 27th issue, was a deep dive into the world of call and put options, explaining the different types and their applications.
In the Feb 3rd issue, we delved into advanced options trading strategies, such as bull call spreads, bear put spreads, long calendar spreads, and trading protective puts. These strategies require a more in-depth understanding of options trading, but they can also be used to generate higher profits.
Our Feb 10th issue was focused on introducing Greeks in options trading, which help traders understand the sensitivity of an option's price to changes in various market factors.
The Feb 17th issue covered more advanced options trading strategies, such as short straddles, short strangles, double diagonals, and cash-secured puts. These strategies can be used to generate income or hedge against risk.
In the Feb 24th issue, we looked at options trading data tables, also known as options chains. These tables provide traders with a comprehensive view of all available options for a particular asset, including their strike price, expiration date, and other key details.
Finally, in our Mar 3rd issue, we covered implied volatility, which is a crucial factor in options trading. Implied volatility reflects the market's expectation of future price movements and can significantly impact option prices.
Understanding options trading can be helpful to all traders, regardless of their trading style or experience level. Options can be used to generate income, hedge against risk, or simply to gain exposure to the market in a more sophisticated way.Β
Deribit is the leading Bitcoin and Ethereum Options Exchange for crypto traders, and offers a robust, reliable, and lighting-fast options platform for high-performance trading.Β
As mentioned, all content is purely for educational purposes.
Trade safely!
Chart #3 - Bitcoin (BTCUSD) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin is in free-fall mode, and the next target in sight is $18,157.Β
From a trading perspective, there is little that can be said right now, other than wait for the move to play out. Once volatility cools off, we can see where the new range forms and start trading it.
Check our Crypto Banter Discord here for updates!
Make sure to follow me on Twitter, where I will post updates on my trades as they unfold!
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: KyleDoops
Chart #4 - S&P 500 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
The SPX dropped almost 2% yesterday, from an intraday high of over 4,000 and ending the session at 3,900 (support).Β
The previous weekly resistance line from Jan 2022 is adding to the strength of the SPX's support, but if it breaks, the S&P 500 is not in for a good run, possibly going down to 3,800 (support).
There is always a chance it retests 4,000 again though.
Check our Crypto Banter Discord here for updates!
Follow me on Twitter to get all the updates on my personal trading progress!
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: SheldonSniper
Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 34 today, indicating Fear.
The highest the index has been over the past seven days is 50, and the lowest is 34.
Overall Market Sentiment (Banterβs Take)
The market is in peak fear right now, and this sell-off is brutal. Non-farm payroll numbers are coming out later, which seems to be the only hope for markets to catch a small bounce.Β
As it currently stands, the market is rapidly heading down, and bitcoin's critical support lies at $18,000. But closing at that level would mean closing below the 200-day moving average, something that could force bitcoin to head even lower at a later stage.
Stay safe my friends!
Bybit winner - 7672349