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Overview
Chart #1 - Vulcan Forged (PYRUSDT) 4-Hour
Chart #2 - Internet Computer (ICPUSDT) Daily
Chart #3 - Stacks (STXUSDT) Daily
Chart #4 - Crypto Total Market Cap (TOTAL) Daily
Decoding Bitcoin’s Current Trends: From Resistance to Potential Support: With Deribit’s Anand
Chart #1 - Vulcan Forged (PYRUSDT) 4-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
The market correction has begun!
Markets don’t drop in a straight line, but rather respect areas of support and resistance along the way. BTC has entered an area of support, so we might get a relief bounce to the next area of resistance. This could open up a scalp trading opportunity for BTC and some alts, like PYR.
Entry: Enter into a spot long trade in the current $4.50 - $4.65 area of support
Take Profit (TP): Just one area of taking profit which is at the next area of resistance between $4.90 - $5.00 (9% - 11%)
Stop Loss: A tight stop loss just below $4.40
Please note that we are trading against the higher time frame trend, so any sign of a turn in the market back to the downside and we will exit our trade.
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Chart #2 - Internet Computer (ICPUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
ICP is range bound, with $10 holding as strong support.
We’ll DCA into a spot position here, while keeping some dry powder on the chance that we fill the gap at $6.
Take Profit (TP):
TP 1: $16
TP 2: $20
TP 3: $37
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Chart #3 - Stacks (STXUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
STX is holding at significant support.
Losing this level, I would expect price to revisit $1.80, which lines up the previous range high, the 0.618 Fib, and the 200 Day Moving Average (MA). This marks a healthy zone for price to form a new bottom and begin a reversal.Â
Entry: $1.2 to $2
Take Profit (TP):
TP 1: $2
TP 2: $4
TP 3: $6
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Chart #4 - Crypto Total Market Cap (TOTAL) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
The TOTAL rejected at $2.4T.
It has reached the bottom of the resistance zone seen in the chart, at $2.30T. We could see a short relief bounce here, but I think that the overall higher timeframe trend will continue to the downside.
The next areas of support below are at $2.05T - $2.16T, and $1.80T - $1.95T.
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Decoding Bitcoin’s Current Trends: From Resistance to Potential Support: With Deribit’s Anand
I expect BTC to face more selling pressure due to the current resistance it’s encountering, intensified by negative flows in spot BTC ETFs. For traders aiming to play this market, the Put Ratio spread strategy might be a good option to explore
Trade Structure
(OTM Put) Buy 1x BTC-27APR24-$61,000-P @ $215
(OTM Put) Sell 2x BTC-27APR24-$59,000-P @ $100
Payouts
Maximum Profit: $1,985/BTC
Debit of Strategy: $15/BTC
If the Bitcoin price is at $59,000 when the options expire on April 27th, traders will achieve maximum profit from this strategy.
It’s important to note that while the initial debit of this strategy is $15, losses beyond the initial debit are possible due to the position’s net short put exposure.
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Banter’s Take
BTC has rejected a major area on the 50-day moving average, turning it into resistance. The primary question we need to answer is how low we go before we reset the greed index. Key zones to watch are at $59,000. If we do not hold here, then watch $55,000, $52,000, $48,000.
A retest of any of these areas is still bullish long-term, so we’ll have enough capital to deploy in the event we visit these zones.
Stay safe my friends!
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