Research
Trade Setup 13 Oct 23
Delta Exchange
October 13, 2023
Sideways View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Buy 26400 Put option of 15 October expiry @ $100
- Sell (2x) 25800 Put option of 15 October expiry @ $40
Stop Loss: Spot level of 27800* Target: Spot level of 25800 Payoff:
- Max Profit: $580/BTC* (It's based on expiry: Refer Spot level for SL)
- Max Loss: $20 /BTC* (It's based on expiry: Refer Spot level for SL)
Rationale: BTC has violated / broken key support area of 27000 during heavy sell off on 11th October, and the trend has shifted to down. After the fall, Price managed to pause at next support/ pivot area of 26550, hence it is sandwiched between support of 26550 and resistance of 27000. On 4 Hr timeframe, another key support area for BTC is at 25900.
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.