Overview
Chart #1 - Fantom (FTMUSDT) 8-Hour
Chart #2 - Ondo (ONDOUSDT) 8-Hour
Chart #3 - Injective (INJUSDT) Daily
Chart #4 - Bitcoin (BTCUSDT) 12-Hour
BTC Rebounds: Navigating the Demand Zone with the Call Butterfly Strategy: With Deribit’s Anand
Chart #1 - Fantom (FTMUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
The market seems to be recovering, and so seeking out altcoins that are at major support is a strategy for finding long trades.
FTM is one of those coins:
Entry: Enter into a long spot trade, around the current $0.72 level of support.
Take Profit (TP) * :
TP1: $0.80 - $0.86 (11% - 19%)
TP2: $1.00 - $1.04 (39% - 44%)
Stop Loss: Just below $0.70
*Please note there is a possibility of another drop in the market going into the Bitcoin halving this weekend. If FTM fails to get past the 0.618 retracement at around $0.86, I will probably take profit on my entire bag there.
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Chart #2 - Ondo (ONDOUSDT) 8-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Here’s an update on our ONDO trade.
If you followed this setup on ONDO on Friday, the price retested the FVG at $0.6c almost perfectly. Now it’s pushing for an all time high, already 70% in profit on the trade.
Holding an all-time high for the daily close will be very bullish. We’ll then look for a retest of resistance as support to add into the trade. We need to see price reclaim and consolidate above that all-time high for a trend continuation.Â
Take Profit (TP):
TP1: $1
TP2: $1.6
TP3: $2.3
TP4: Moon Bag
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Chart #3 - Injective (INJUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
A lot of tokens hit their liquidity zones previously outlined over the weekend.
Congratulations to those who took advantage of those levels. For now there is no new entry. We are currently up 20% - 40%. Over the next couple of days it should set in for the next move. We would only add to this trade if INJ reclaimed resistance as support at $32.Â
TP1: $30
Entry 2: Retesting $32 as support.Â
TP2: $43
T3: Moonbag
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Chart #4 - Bitcoin (BTCUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
Last week Bitcoin dumped, but now it is recovering, heading to the next resistance levels. And we have the Bitcoin halving coming up in around 4 days.
If we look at the last two halvings (in 2016 and 2020), BTC started dropping two days prior to them. I am not saying it’s going to happen again, but from Wednesday I will be very cautious, and manage my risk very tightly.
The next small level of resistance for BTC is at $68,300 (0.618 retracement) where it could reject. If it breaks past there, it might make another break for all-time high territory between $71,800 - $73,800.
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BTC Rebounds: Navigating the Demand Zone with the Call Butterfly Strategy: Anand's 15th April Trade
BTC dropped to our highlighted demand zone, rebounding from there and aligning with a key Fibonacci level. Traders expecting upward movement might consider the call butterfly strategy beneficial.
Trade Structure
(OTM Call) Buy 1x BTC-19APR24-$71,000-C @ $455
(OTM Call) Sell 2x BTC-19APR24-$73,000-C @ $255
(OTM Call) Buy 1x BTC-19APR24-$75,000-C @ $170
Payouts
Maximum Profit: $1,885/BTC
Debit of Strategy: $115/BTC
If the Bitcoin price is at $73,000 when the options expire on April 19th, traders will achieve maximum profit from this strategy.
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Banter’s Take
Let's put this weekend's move into perspective. As noted in previous newsletters, we have been expecting a correction in the markets. Geopolitics only introduces an additional short-term factor that can affect price action. What we care about for the week ahead is mostly technical analysis, not news-based factors. We expect the price to hold at $65k, with a retest of $68k likely for today. Holding above $68k signals that the worst is possibly over. Reject there, and we likely hit $58k next.
We have a big week ahead with the BTC halving and added geopolitical issues that can manipulate the markets. We’ll manage our risk and position sizes accordingly so that we can take advantage of buying opportunities.
Stay safe my friends!
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