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Overview
Chart #1 - Bitcoin (BTCUSDT) 12-Hour
Chart #2 - Arweave (ARUSDT) 4-Hour
Chart #3 - Sui (SUIUSDT) Daily
Chart #4 - Fantom (FTMUSDT) 12-Hour
Navigating BTC’s Resistance: The Bear Call Spread Play: With Deribit’s Anand
Chart #1 - Bitcoin (BTCUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
This morning the market opened up green, and BTC is now attempting to break through the top of the range support area, at $66,000.
I’m watching the 0.618 – 0.786 Fib retracement level at $68,000 - $70,000 closely. If it breaks through there, there is a very good chance that BTC test the all-time high at $73,800 again.
If it gets rejected though, it could signal further downside.
Currently the trend is to the upside.
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Chart #2 - Arweave (ARUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
AR trade update:
AR’s price is now up 30% from our call on Friday.
The Take Profit (TP) 1 level has been hit.Â
Next Entry: On a higher low, between $28 and $30. We’ll take advantage of any liquidation candle into FVG if it happens.Â
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Chart #3 - Sui (SUIUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
SUI is holding its support line, and consolidating after a sweep of the lows.
Clearing resistance above would lead back into price discovery mode.Â
Entry 1: $1.4
Entry 2: $1.175
Take Profit (TP):
TP 1: 1.7 (SL to 1.3)
TP 2: $2
TP 3: $3 Moon bag
Stop Loss: $1
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Chart #4 - Fantom (FTMUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
FTM is trading in an area of support that sets it up for a long trade to the next areas of resistance:
Entry: Enter 50% of your capital in the current $0.73 - $0.80 area of support, and the balance once price breaks through the $0.80 level.
Take Profit (TP):
TP 1: $0.99 - $1.05 (36% - 44%)
TP 2: $1.15 - $1.23 (58% - 68%)
Stop Loss: Just below $0.70
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Navigating BTC’s Resistance: The Bear Call Spread Play: With Deribit’s Anand
BTC dipped to $59,650, then bounced from the demand zone after multiple tests. Now facing $66,600 resistance. Watch out for high Open Interest at $70,000 for April 26 expiry! interested in capitalizing on this perspective might consider employing a Bear Call spread strategy.
Trade Structure
(OTM Call) Sell 1x BTC-26APR24-$70,000-C @ $730
(OTM Call) Buy 1x BTC-26APR24-$71,000-C @ $545
Payouts
Maximum Profit: $185/BTC
If Bitcoin is at or below $70,000 when the options expire on April 26th, traders will be at maximum profit from the strategy.
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Banter’s Take
After Bitcoin’s 4th successful halving, things are looking good.
The market has mostly reset over the last few days and we await to see if Bitcoin can now head up to make a new ATH, or whether it will give way for the alts to run as Bitcoin Dominance drops.
Stay safe my friends!
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