Overview
Chart #1 - The Graph (GRTUSDT) 12-Hour
Chart #2 - Kaspa Network (KASUSDT) Daily
Chart #3 - Near (NEARUSDT) 4-Hour
Chart #4 - Bitcoin (BTCUSD) 12-Hour
Chart #5 - Fear and Greed Index
Chart #1 - The Graph (GRTUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
A lot of alts are still trading at support.
For GRT, price has been consolidating at support over the last week.
Entry: Enter into a long spot trade at the current level of support, at around $0.33
Take Profit (TP)
TP1: $0.4150 - $0.4350 (26% - 32%)
TP2: $0.4750 - $0.4950 (44% - 50%)
Stop Loss: Just below $0.3150
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Chart #2 - Kaspa Network (KASUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
KAS has been consolidating above $0.12 for the last few weeks and is now setting a higher low onto trend at $0.127, marking out a potential bottom to the range.
With price gaining acceptance above $0.16 we can expect a trend continuation to ATH's. Weโll watch price action in this area for further indications of a shift in trend, building a position on higher lows, anticipating a break into price discovery.ย
Entry: Between $0.13 to $0.14500
TP1 $0.25 (70%)
TP2 $0.35 (140%)
TP3 $0.5 (210%) Moonshot
Stop Loss: Price losing $0.12 support
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Chart #3 - Near (NEARUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
NEAR has found support above $6.80 setting in a double bottom at $6.14. Expectation is for the support of $6.14 to hold and price to move up to retest the previous highs of $8.80.
Entry: $6.60 to $7.4
TP1: $8.8 (35%)
TP2: $10 (55%)
Stop Loss: Price loosing $6.1
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Chart #4 - Bitcoin (BTCUSD) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last month, Bitcoin has been consolidating in a range between a low of $61,000 and a high of $73,700.
Over that time, price has formed a bullish pennant structure, where it looks like BTC is getting ready to break out through the top resistance line at around $70,000. If it does break out, there is still the overhead area of resistance between $71,200 - $73,800.
We need to watch whether it can break through that area of resistance and cause a short squeeze, creating a big push in price to the upside.
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Bullish BTC triangle with record stablecoin minting: A guide to Call Butterfly strategy: With Deribitโs Anand
Bitcoin is currently adhering to a symmetrical triangle pattern on the 4H chart, and no significant retracements are observed when it touched the upper trend line, indicating a bullish environment. Additionally, examining stablecoin issuances which is a major driver for Crypto space, weโve observed record minting, suggesting rapid movement of fiat money into crypto. Given these factors, thereโs a possibility of BTC breaking-out from the symmetrical triangle pattern. Therefore, traders anticipating upward movement in the coming days may find the call butterfly strategy beneficial.
Trade Structure
(OTM Call) Buy 1x BTC-12APR24-$73,000-C @ $1020
(OTM Call) Sell 2x BTC-12APR24-$74,000-C @ $800
(OTM Call) Buy 1x BTC-12APR24-$75,000-C @ $640
Payouts
Maximum Profit: $940/BTC
Debit of Strategy: $60/BTC
If the Bitcoin price is at $74,000 when the options expire on April 12th, traders will achieve maximum profit from this strategy.
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Banterโs Take
Bitcoin is currently moving to retest previous highs. I expect the price to retest $73,000 this week. How it interacts with these levels will provide an indication of price expectations for the week.
If we consolidate above $72,000, we remain bullish and look towards higher levels. The big question then arises: Do we hold it as support?
If so, we are bullish, looking for continuation and a significant short squeeze. If not, we deviate back inside the range and need to identify the next target level. A deviation back inside the range puts $55,000 back on the table to fill the CME Gap and balance the charts for the next move.
Stay safe my friends!
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