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Overview
Chart #1 - Coti (COTIUSDT) 12-Hour
Chart #2 - Oasis Network (ROSEUSDT) 4-Hour
Chart #3 - Maker (MKRUSDT) 12-Hour
Chart #4 - NEO (NEOUSDT) 8-Hour
Navigating BTC’s Bearish Currents with the Bear Call Spread: With Deribit’s Anand
Chart #1 - Coti (COTIUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
COTI is currently squeezed tightly between the bottom of the range support, and a descending resistance line, that originates from two weeks ago.
A break of that resistance line will signal a buy, where I will enter a trade.
Entry: At the break of the descending resistance line, at around $0.14
Take Profit (TP):
TP 1: 25% at the top of the range support of $0.15 (7%)
TP 2: $0.17 - $0.19 (21% - 36%)
TP 3: $0.21 - $0.23 (50% - 64%)
Stop Loss: Just below $0.12
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Chart #2 - Oasis Network (ROSEUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
After deviating from the range seen above, ROSE looks to be reclaiming and gaining acceptance above $0.10. So we long!
Entry 1: $0.10 to $0.109
Entry 2: Higher low after break of $0.11700 resistance
Take Profit (TP):
TP 1: $0.15
TP 2: $0.21
TP 3: $0.30
Stop Loss: $0.09
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Chart #3 - Maker (MKRUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
MKR has captured the remaining liquidity in the FVG and is holding its range low support at $2,750. We could get a 30% move up from here to retest resistance.Â
Entry: $2,900 to $2,980
Take Profit (TP):
TP 1: $3,250 (16%)
TP 2: $3,750 (33%)
TP 3: $5,000 (75%)
Stop Loss: Under $2,700
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Chart #4 - NEO (NEOUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
NEO has been bullish for weeks. Currently at support, it’s primed for a long trade.
Entry: $17.85 - $18.50
Take Profit (TP):
TP 1: $20.00 - $20.80 (12% - 17%)
TP 2: $22.50 - $23.25 (26% - 30%)
Stop Loss: Just below $17.50
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Navigating BTC’s Bearish Currents with the Bear Call Spread: With Deribit’s Anand
I anticipate, BTC may experience a sideways to bearish trend in the coming days, influenced by the subdued reaction to the Bitcoin Halving, the flows of US Bitcoin ETFs, and significant open interest (OI) buildup at the $70,000 strike price. For traders looking to navigate this market, the bear call spread strategy could be a suitable approach to consider.
Trade Structure
(OTM Call) Sell 1x BTC-26APR24-$69,000-C @ $460
(OTM Call) Buy 1x BTC-26APR24-$70,000-C @ $300
Payouts
Maximum Profit: $160/BTC
If Bitcoin is at or below $70,000 when the options expire on April 26th, traders will be at maximum profit from the position.
Get set up with Deribit here.
Banter’s Take
We have entered a key area for BTC, which is currently range-bound and pushing against the $68,000 resistance level. If we can start closing above this level on a daily timeframe, we could see bullish sentiment re-enter the markets. However, I still expect us to continue ranging between the high and low of this range for a couple more weeks. With BTC remaining stable, we can then look to the ETH/BTC ratio for an indication of when altseason might commence. On the bearish side, a rejection at the mid-range could set a lower high, leading to a trend continuation towards the $58,000 area.
Stay safe my friends!
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