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Delta Exchange Blog
Trade Setup 12 Oct 23
Research

Trade Setup 12 Oct 23

Delta Exchange
Delta Exchange
October 12, 2023

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

  • Sell Put Spread - BTC - 26500 - 26000 - 13 October expiry at 55$

Stop Loss: Spread Premium of $110 Target: Spread Premium of $0 Payoff: Max Profit: $55/BTC Max Loss : $55/BTC

Rationale: BTC bounced from 26600 level after heavy sell off during the day on 9th Oct, this fall managed to pause at support areas / demand zone at 4 Hr time frame, also based on pivots of higher time frames the pause in fall was in confluence with support areas. As the bounce continues BTC shall look to test the previous pivots/ support areas which are now turned to be resistance areas at 27000. Hence, the price is sandwiched between 4 hr support area of 26600 and newly formed resistance of 27000.

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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