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Overview
Chart #1 - Ton (TONUSDT) 8-Hour
Chart #2 - Bitcoin Cash (BCHUSDT) Daily
Chart #3 - Kaspa (KASUSDT) Daily
Chart #4 - Mantra (OMUSDT) 8-Hour
Bitcoin Halving Steadies at $65K: Shorting the Supply Zones: With Deribit’s Anand
Chart #1 - Ton (TONUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
TON has entered an area of support, and if it holds I will enter a long spot position.
Entry: If the price of TON can hold support in the $5.20 - $5.50 area over the next few hours, then I will enter into a long spot trade.
Take Profit (TP):
TP 1: $5.90 - $6.25 (13% - 20%)
TP 2: $6.90 - $7.25 (33% - 39%)
Stop Loss: Just below $5.00
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Chart #2 - Bitcoin Cash (BCHUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
BCH has completed two healthy waves of +100%.
Now it is retracing into a key area of support. Holding the zone can lead to another rally to the upside. Loosing it provides a clear area of invalidation.
Entry: $500
Take Profit (TP):
TP 1: $630
TP 2: $750
TP 3: $1000
Stop Loss: Daily close below $445
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Chart #3 - Kaspa (KASUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
KAS is showing a good reaction off of support at $0.12500 and a shift in structure on the lower timeframes.Â
Entry: $0.12 to - $0.13
Entry 2: $0.10 (Lucky Shot)
Take Profit (TP):
TP 1: $0.155
TP 2: $0.25
TP 3: $0.35
Stop Loss: Daily close below $0.11
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Chart #4 - Mantra (OMUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
OM has spent quite a few days at support and could take off soon.
We’ll enter a long here.
Entry: Ladder in between $0.65 - $0.70
Take Profit (TP):
TP 1: $0.85 - $0.90 (31% - 38%)
TP 2: $1.00 - $1.05 (54% - 62%)
Stop Loss: Just below $0.60Â
Please note that BTC and the TOTAL are at resistance. Traders need to manage their Trades very tightly over the next day or two.
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Bitcoin Halving Steadies at $65K: Shorting the Supply Zones: With Deribit’s Anand
Even with the significant Bitcoin Halving event, Bitcoin’s price has held steady, hovering between the $64,000 to $65,000 range, slightly up from Friday’s $63,000 mark. The flows in Bitcoin ETFs indicate ongoing weakness and diminished investor’s interest. Examining the 4-hour BTC price chart, we can identify several supply zones that could impede BTC’s upward momentum. Hence traders can take advantage of the trachea of Resistance points by Shorting OTM Call.
Trade Structure
(OTM Call) Sell 1x BTC-26APR24-$72,000-C @ $230
Payouts
Maximum Profit: $230/BTC
If Bitcoin is at or below $72,000 when the options expire on April 26th, traders will be at maximum profit from the position.
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Banter’s Take
There are a couple of important things to note.
In the bullish scenario: Funding rates are currently at their lowest level for the year, suggesting that retail investors are betting on shorts. This adds weight to the resistance level previously mentioned at $74,000 for BTC. If the price breaks through here, we can expect a significant short squeeze as shorts are liquidated.
In the bearish scenario: BTC is currently trending down after setting a lower low. If it sets a lower high between $66,000 to $69,000, this would indicate that lower levels are likely to follow.
Stay safe my friends!
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