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Delta Exchange Blog
Trade Setup 16 Nov 2023
Research

Trade Setup 16 Nov 2023

Delta Exchange
Delta Exchange
November 16, 2023

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

  • Buy 38500 Call option of 17 November expiry @ $210
  • Sell (2x) 39500 Call option of 17 November expiry @ $105 each

Stop Loss: Spot level = $35800 Target: Spot level of $39500 Payoff chart at Expiry:

  • Max Profit: $1000/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 36800 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 17. 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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