Research
Trade Setup 16 Oct 23
Delta Exchange
October 16, 2023
Sideways View on BTCUSDT Welcome to Daily Trade Setups. Trade:
- Sell 27600 Call option of 17 October expiry @ $55
- Sell 26600 Put option of 17 October expiry @ $45
Stop Loss:
- C-27600 @110$
- P-26600 @90$
Target: 0 in both legs Payoff:
- Max Profit: $100/BTC
- Max Loss: $100/BTC
Rationale: BTC managed to break 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 and we witnessed some gains from support area. So, currently the trend is down and we are seeing some reactions from support of 26600.
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.