Bitcoin is flirting with $117,500 : Could it drop to $114,000 before bouncing back ? Discover three high-potential trades on BTC, Solana, and XLM, valid for 24 hours. Act quickly in this volatile market !
Currently at $117,500, BTC has bounced from its recent low of $115,700 reached yesterday. However, as long as it doesn’t break above $118,400, it could still search for lower lows.
This is especially likely as BTC has a CME gap around $114,000 and more than $135 million in long positions ready to be liquidated around $115,100.
Furthermore, as indicated by the orderbook, a massive buy order of 2000 BTC has been placed at $114,600. This reinforces the prospect of a bounce in case of a retracement and somewhat minimizes the risks.
Before anything else, it’s worth remembering that the Stop Loss is the most important element to predetermine. The leverage or invested amount doesn’t matter. Indeed, $100 invested with 100x leverage or $1000 with a SL 1% below the entry price offer exactly the same trades and returns/risks.
Here are 3 trades on BTC, SOL, and XLM for today only. These should be closed if not triggered within the next 24 hours.
As a first trade, BTC offers an interesting opportunity with an entry price at $114,400. Indeed, a bearish trendline has formed on the lower timeframes and this would allow filling the CME gap and testing the July 11th low.
BTC Limit order trade :
It’s up to you to determine the amount you want to invest and what you’re willing to lose. Every trade carries risk, especially when using leverage.
While Ethereum has broken above $3,000, Solana is struggling to bounce back. However, these periods of latency are often synonymous with underlying accumulation by smart money.
Like Bitcoin, Solana has enormous liquidity below $157. A final retracement would be a golden opportunity for SOL.
SOL trade :
Currently in breakout on the 3-day chart and with a POC just below its price, SOL should catch up to BTC and return to its ATH in the coming weeks if BTC remains bullish.
XLM has the wind in its sails and shows a gain of more than 90% in July. Like Bitcoin and Solana, the POC on lower timeframes cannot be reclaimed, indicating a predominant selling force.
A drop below $0.43 could prove to be an opportunity, as many investors will position themselves to sell.
XLM trade :
In conclusion, only invest what you’re willing to lose. Every investment carries risk, especially in the volatile cryptocurrency market. After today, these trades will expire as the RSI indicates oversold conditions in the short term and minimizes the risks of deeper drops in the coming days.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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