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Delta Exchange Blog
Trade Setup 10 Nov 2023
Research

Trade Setup 10 Nov 2023

Delta Exchange
Delta Exchange
November 10, 2023

Bullish View on BTCUSDT Welcome to Daily Trade Setups. Trade:

  • Buy 37600 Call option of 11 November expiry @ $230
  • Sell (2x) 38400 Call option of 11 November expiry @ $115 each

Stop Loss: Spot level = $35000 Target: Spot level of $38400 Payoff chart at Expiry:

  • Max Profit: $800/BTC

Rationale: BTC has exhibited a pattern of achieving higher highs and higher lows in its daily price movements. Notably, it broke through key pivot levels at 36000 during the recent trading session, signifying a promising upward trajectory. Examining the 4-hour chart, it's evident that the price is consistently adhering to established support / demand zones. This steadfast adherence underscores the robust buyer sentiment in the market. Moreover, we've observed a significant surge in open interest (OI) for out-of-the-money (OTM) put options expiring on November 11. This uptick in OI for such options further bolsters our confidence in the current market conditions.

Disclaimer: This report must not be used as a singular basis of any trading decision. Please refer to https://www.delta.exchange/research-disclaimer for analyst disclaimer and other disclosures.

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