Overview
Chart #1 - Avalanche (AVAXUSDT) 12-Hour
Chart #2 - Fetch.ai (FETUSD) 12-Hour
Chart #3 - The Graph (GRTUSDT) 12-Hour
Chart #4 - Theta Token (THETAUSDT) 12-Hour
Navigating Bitcoin’s Sell-Off: Strategic Insights for Traders - with Deribit’s Anand
Chart #1 - Avalanche (AVAXUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
Some alts could bounce nicely today!
We have already seen some of the Layer-1 coins move. I am setting up a spot trade in AVAX. I think it will test the next areas of resistance.
(BTC could dip further over the next few days, so we need to manage our risk accordingly!)
Entry: In the current $40 - $45 area of support
Take Profit (TP)
TP1: $50 - $53 (20% - 33%)
TP2: $65 - $70 (63% - 75%)
Stop Loss: Just below $40.00
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Chart #2 - Fetch.ai (FETUSD) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
FET has bounced from $2.54 and is acting as it will reclaim the $2.733 support level and from here will head up to the next resistance levels. First it has to break and stay clear above $2.99 in order to continue and aim $3.13 and $3.375
Entry:Â $2.735
Take Profit (TP)
TP1: $2.990
TP2: $2.130
TP3: $3.375
Stop Loss (SL): $2.35
We’ll use a wide SL with low leverage until we are sure the Bitcoin correction is over.
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Chart #3 - The Graph (GRTUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
GRT seems to have found support at $0.333. It might clearly reverse from here in which case we will take the below trade (if it doesn’t, the next support is at $0.295).Â
Entry: Â $0.333
Take Profit (TP)
TP1: $0.419
TP2:Â $0.485
Stop Loss:Â $0.3190Â
We’ll use a wide SL with low leverage until we are sure the Bitcoin correction is over.
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Chart #4 - Theta Token (THETAUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
THETA is at support and looking great. We will take a long spot trade on it.
Entry: In the current $2.50 - $2.70 area of support.
Take Profit (TP)
TP1: $3.00 - $3.30 (20% - 32%)
TP2: $3.60 - $3.80 (44% - 52%)
Stop Loss (SL): Just below $2.40
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Navigating Bitcoin’s Sell-Off: Strategic Insights for Traders - with Deribit’s Anand
Tense tone for traders as Bitcoin ETF inflows signal continued weakness contributing to a sell-off that breached critical support levels, in this bearish market, here’s a trading approach of a short dated expiry strategy.
Bitcoin ETF inflows weak, extending market sell-off, breaching critical support at $68,300 and 4-hour demand zone at $66,300. Next key demand zone $61,800-$60,000, pivotal level previously driving Bitcoin to $73,800 high, potential pause for sell-off, opportunity for gains.
Trade Structure
(OTM Put) Buy 1x BTC-5APR24-62,000-P @ $230
(OTM Put) Sell 2x BTC-5APR24-60,000-P @ $110
Payouts
Maximum Profit: $1,990/BTC
Debit of Strategy: $10/BTC
If the Bitcoin price is at $60,000 when the options expire on April 5th, traders will achieve maximum profit from this strategy.
Banter’s Take
As mentioned in yesterday's newsletter, Bitcoin is possibly forming a flag (symmetrical triangle) and continues to compress. We expect some volatility later today. We remain on the same thesis that we don't have a clear sign of the end of the correction for Bitcoin. We’ll wait for clear evidence of a breakout.
Stay safe my friends!
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