BTC Heading for One Last Drop Before Rebounding ?
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 :
- Entry price : $114,400
- Leverage : 85x
- Take Profit : $132,000
- Reward : +1275%
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.
Solana : A Major Bounce to $280 ?
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 :
- Entry price : $156
- Leverage : x35
- Take Profit : $280
- Reward : +2800%
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 : Soon Heading to $1 ?
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 :
- Entry price : $0.43
- Leverage : x10
- Take Profit : $1.2
- Reward : 1940%
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.
